WTO: Boeing received at least $5.3 billion in illegal U.S. subsidies

[News_Editor]

WTO: Boeing received at least $5.3 billion in illegal U.S. subsidies

2011-03-31 22:31:40 GMT+7 (ICT)

GENEVA (BNO NEWS) -- The World Trade Organization on Thursday announced that plane manufacturer Boeing received at least $5.3 billion in illegal U.S. subsidies, following a complaint by the European Union (EU).

According to the Panel, which was established by the European Communities in 2006, the illegal subsidies were received by Boeing between 1989 and 2006 and included aid from NASA's research and development, as well as state support from Washington, Kansas, and Illinois.

The world's two most important aircraft manufacturer's, Boeing, based in Seattle, Washington, and Airbus, which is based in Blagnac, France, for the past six years have been disputing over each others banned state funding and support.

The latest finding showed banned subsidies for Boeing after the EU complaint. Airbus' parent company European Aeronautic, Defense & Space Co. stated losses amounting to $45 billion in sales and lower prices from 2002 to 2006.

Last year, the Panel had previously condemned European support for Airbus through low interest loans from European governments.

-- © BNO News All rights reserved 2011-03-31