EU Complains about South Korea's Subsidies
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EU Complains about South Korea's Subsidies


The European Union sent its dispute with South Korea over subsidies to shipyards to a World Trade Organization arbitration panel, saying efforts to negotiate an amicable solution failed. The EU has sought for years to force Seoul to stop giving what the EU considers to be unfair subsidies in the form of export financing by the government-owned Korean Export-Import Bank or help with restructuring, notably to Daewoo. South Korea denies the allegations.

In the meantime, European governments may offer limited support to their own shipyards if needed without violating EU rules on state aid. It was said that at least two European shipyards have so far requested the subsidies, but more could still apply. European shipyards have been losing to Asian competitors in recent years, resulting in bankruptcies and massive layoffs. South Korean shipyards have seen their market share climb in recent years by more than a third to 36 percent of the world market, while the EU share has sunk by more than half to only 8 percent.  

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