Fourteen Economies Join the United States in Signing a Joint Ministerial Statement to Address Global Excess Capacity and Production in Key Manufacturing Sectors
WASHINGTON — On the margins of the Organisation for Economic Co-operation and Development (OECD) Trade Committee, the Office of the United States Trade Representative convened a meeting of senior officials of 14 economies to begin work to address structural excess capacity and production in key manufacturing sectors. Building on the productive discussions at the G20 Trade Ministerial in Milwaukee, Wisconsin, these fourteen economies joined the United States in signing a Joint Ministerial Statement that expresses our collective resolve to work together in new, dedicated sectoral platforms to examine and take effective actions that address structural excess capacity and production in several key sectors of concern. The Joint Ministerial Statement also calls on all countries to take steps to end the use of non-market policies and practices that distort markets and perpetuate structural excess capacity and production. The signatories include the Trade Ministers of Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Japan, the Republic of Korea, Mexico, Poland, Türkiye, the United Kingdom, and the United States.
“Over the course of the U.S. G20 presidency, numerous economies raised instances of structural excess capacity and production in economies that persistently exceeded global demand and were sustained by foreign government’s non-market policies and practices,” said Ambassador Greer. “Left unchecked, these issues will continue to cripple domestic industries, displace local production, and hinder our ability to raise the standard of living for workers and their families. The Trump Administration will continue to engage with our trading partners to defend our domestic industries, workers, and economy from distortions resulting from these pervasive policies and practices.”
To read the Joint Ministerial Statement, click here.
###
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
