India Joins 14 Economies In Call For Action On Excess Industrial Capacity

New Delhi, Oct 8 (KNN) India and 13 other economies have called for coordinated global action to address structural excess industrial capacity and production, citing concerns over market distortions, pressure on domestic industries and supply-demand imbalances.

The countries issued a joint statement on Wednesday on the sidelines of the Organisation for Economic Co-operation and Development (OECD) Trade Committee deliberations in Washington.

Economies Call For Action On Excess Industrial Capacity

The signatories called on countries to address structural excess capacity, including by ending non-market policies and practices that distort markets and contribute to excess production, reported PTI.

Building on discussions at the G20 Trade Ministerial in Milwaukee, the economies agreed to work with the US through dedicated sectoral platforms to examine structural excess capacity and take action in key sectors, the US Trade Representative (USTR) said.

India, US Among 15 Signatories To Joint Statement

The signatories include Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Japan, South Korea, Mexico, Poland, Turkiye, the United Kingdom and the United States.

China, Brazil, Indonesia, Russia, Saudi Arabia and South Africa did not sign the statement.

The G20 Trade Ministerial in Milwaukee had failed to reach consensus on issues related to excess industrial capacity and forced labour.

US Warns Of Impact On Domestic Industries

USTR Jamieson Greer said structural excess capacity sustained by non-market policies could continue to affect domestic industries and displace local production if left unaddressed.

He added that the US administration would continue engaging with trading partners on policies it considers to be creating market distortions and affecting domestic industries and workers.

(KNN Bureau)