EU ministers vote to sue Korean shipbuilding industry at WTO

Industrial and Energy ministers from 15 member countries of the European Union (EU) sided with the decision of the EU executive committee to sue Korean shipbuilding companies at the World Trade Organization (WTO) by the end of next June. These ministers, also, didn't approve of the reguested 14% subsidies, for chemical and crude oil tankers built in the EU, which compete with Korean tankers.

The EU executive committee had decided to sue the Korean shipbuilding industry for unfair and suspicious trades, such as subsidies from the government. It blamed the Korean government for providing shipbuilding companies with inappropriate subsidies, causing them to dump vessels below building costs. Facing these attacks, the Korean shipbuilding industry refuted the EU accusations saying that the EU's attack on Korea is designed to find any excuse to restore government subsidies to revive their ailing shipbuilding companies.