The World Trade Organization(WTO) has effectively ruled in favor of South Korea's anti-dumping duties on Japanese pneumatic transmission valves used in cars, electronics and machinery. 

In a report released on Thursday, the dispute settlement body of the WTO dismissed Japan's call for establishing a panel under the WTO agreement regarding Seoul's tariffs.

The body said that South Korea's decision to impose anti-dumping duties was not in violation of the WTO regulations, but did rule in favor of Japan on some of the issues. 

In August 2015, South Korea imposed for five years an anti-dumping duty of eleven-point-66 to 22-point-77 percent on the Japanese products, which accounted for over 70 percent of the Korean market at that time. 

Japan filed a complaint with the WTO over the tariffs in July 2016. 

Either side can appeal the latest ruling within 60 days.