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EU, South Korea Deadlocked Over Shipbuilding Talks
The European Union said on Wednesday that it had been unable to resolve a pricing dispute with South Korea on its shipbuilding sector.
But the 15-nation European bloc was ready to extend the June 30 deadline for a few more days in early July before the union lodges complaint to the World Trade Organization, an EU trade spokesman told the press.
Anthony Gooch said that two days of negotiations earlier this week made no significant progress over the pricing of South Korean- made liquefied gas tankers.
"We can still leave the door open a few days longer, but the clock is ticking," said Gooch.
The EU alleges that South Korea unfairly subsidizes its shipbuilding industry so as to sell its vessels at lower prices. It had announced plans to file a WTO complaint by June 30 unless South Korea makes concessions.
Gooch said that the EU wants South Korea to use a "reasonable" pricing policy and make it legally binding.
With more than 35 percent of all new ships ordered worldwide last year, South Korea has become the world's largest shipbuilder.
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