The US, EU, and Japan expanded their cooperation to resolve excess steel capacity
Trade representatives from the United States, the European Union and Japan on Tuesday agreed to expand cooperation on excess steel capacity after China withdrew from the Global Forum on steel surplus capacity, or GFSEC, at the end of 2019.
U.S. Trade Representative Robert Lighthizer, European Trade Commissioner Phil Hogan, and Kajiyama Hiroshi, Japan's economy, trade and industry minister, met in Washington on Tuesday to discuss a number of issues. trade topics, including industrial subsidies and how to strengthen the World Trade Organization's Rules of Subsidies, according to a statement from the USTR office.
GFSEC's future has been gloomy since China decided in October 2019 to withdraw from the organization.
GFSEC was established in late 2016 under the guidance of leaders from the G20 group of the richest countries. The forum aims to gather information and reports on the development of steel supply and demand conditions, steel production capacity and government policies that lead to global overcapacity, including subsidies.
Global steel industry groups in the Americas, Europe, Africa and Asia in late October urged governments of steel-producing economies to intensify their efforts to effectively address the excess capacity. bridge and expand the forum.
In addition to GFSEC, the US, EU and Japan have also agreed to continue cooperation in reforming the World Trade Organization, including increasing WTO members' compliance with current WTO notification obligations and promoting pushing advanced WTO members to declare the status of developing countries to fulfill their commitments in ongoing and future WTO negotiations, the USTR's office said.
Source: Satthep.net
