Press Release: EU agrees strategy to counter unfair Korean shipbuilding practices

The Council of the European Union approved on 27 June 2002 a twin-track strategy proposed by the European Commission to counter unfair Korean practices in the shipbuilding sector. The EU has set a deadline of the end September 2002 to resolve the dispute amicably, failing which it will immediately launch procedures for a Panel against Korea in WTO and activate a temporary defensive mechanism (TDM) for European shipbuilding. The Commission will now hold a series of further negotiations with Korean authorities in an attempt to restore normal trading practices in this sector.