Brussels, 14/01/2003 (Agence Europe) - South Korea is preparing to file a complaint with the World Trade Organisation (WTO) regarding European subsidies to shipyards, Seoul government sources announced on Tuesday. This approach, presented as a retaliatory measure to the complaint aimed at South Korean trade practice that the Union had filed in Geneva last autumn, will be launched in February at the earliest, it was specified by the same source close to the Foreign Affairs and Foreign Trade Ministry.
Details of the motivation, the nature and the magnitude of such public aid are expected from Brussels on Wednesday evening, it is added. South Korea points out its government is now convinced that such aid is illegal, as it is intended to directly support the price of vessels rather than restructure an industry that does not have sufficient outlets.