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August 28, 2002

No accord in EU and Korea shipbuilding talks

South Korea's Ministry of Commerce, Industry and Energy says that the two-day Korea-EU bilateral negotiations to resolve the shipbuilding dispute between the two parties failed to produce any agreement. The negotiations took place Aug. 26-27 in Seoul. The EU asked Korea to raise its shipbuilding prices, and the two parties were engaged in intense debate about setting a minimum target price depending on vessel category and technical issues to put the system in place, but failed to reach agreement. The ministry said that the EU proposed to hold talks between high level officials on Sept. 16-18 in Brussels to resume bilateral negotiations. The Korean government is prepared to accept the proposal in principle.

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