Stories
India and 14 Nations Urge Global Action Against Excess Industrial Capacity
- •India and 13 other countries issued a joint statement calling for coordinated global action to curb excess industrial production that distorts markets and hurts domestic industries.
- •The agreement was reached on the sidelines of the OECD Trade Committee deliberations in Washington following discussions at the G20 Trade Ministerial in Milwaukee.
- •Signatories include major economies like the US, EU, Japan, UK, India, Canada, and France, who committed to working through new sectoral platforms to tackle non-market policies.
- •Several G20 members including China, Brazil, Russia, and South Africa did not sign the joint statement.
- •US Trade Representative officials warned that left unchecked, excess capacity driven by foreign non-market practices will continue to cripple domestic industries and displace local production.
Key Questions Answered
India and 13 other countries, along with the United States, issued a joint statement calling for coordinated global action to curb excess industrial production that distorts markets. The signatories include trade ministers from Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Japan, South Korea, Mexico, Poland, Turkiye, the United Kingdom, and the United States.
Participating economies resolved to work through new, dedicated sectoral platforms starting with key sectors including auto, electric vehicles, batteries, chemicals, foundational semiconductors, and solar panels.
G20 members China, Brazil, Indonesia, Russia, Saudi Arabia, and South Africa did not sign the joint ministerial statement regarding structural excess capacity.
