The International Chamber of Shipping (ICS) is recommending that OECD (Organization for Economic Cooperation and Development) resume negotiations involving a global agreement that would remove state aid to shipyards, writes the Journal of Commerce.
The members of ICS represent close to 80 percent of the global merchant navy. The association is disappointed that OECD stopped the negotiations three years ago, seeing as they were supposed to put an end to the state aid awarded to shipyards. At the time, it was disagreements between the European Commission and various Asian governments which ended the negotiations.
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