Steel Products
U.S., EU, Japan Agree to Address Excess Capacity
Written by Sandy Williams
December 12, 2017
The United States, European Union and Japan have issued a joint statement agreeing to work together in the World Trade Organization and elsewhere to address excess capacity in key sectors.
Cecilia Malmström, European Commissioner for Trade, Hiroshige Seko, Minister of Economy, Trade and Industry of Japan, and Ambassador Robert E. Lighthizer, United States Trade Representative, met in Buenos Aires on Dec. 12 at the MC11 and agreed to strengthen their commitment to ensure a level global playing field.
The three said in their statement:
“We shared the view that severe excess capacity in key sectors exacerbated by government-financed and supported capacity expansion, unfair competitive conditions caused by large market-distorting subsidies and state owned enterprises, forced technology transfer, and local content requirements and preferences are serious concerns for the proper functioning of international trade, the creation of innovative technologies and the sustainable growth of the global economy.
“We, to address this critical concern, agreed to enhance trilateral cooperation in the WTO and in other forums, as appropriate, to eliminate these and other unfair market distorting and protectionist practices by third countries.”
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Sandy Williams
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