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G20 agree to reduce industrial overcapacity www3.nhk.or.jp
Trade ministers from the Group of 20 economies have agreed to take collective steps to reduce industrial overcapacity.
The ministers wound up a two-day meeting in Shanghai, China, on Sunday by releasing a joint statement.
The statement says the G20 nations recognize that excess capacity in steel and other industries is a global issue, which requires collective responses.
The ministers agreed to step up collective efforts to tackle the problem effectively.
Japanese government sources say China was initially reluctant to address the issue, saying it's not appropriate for a G20 meeting to discuss it.
But they say the issue was ultimately referred to in the statement after many participants sought its inclusion.
The ministers plan to discuss whether establishment of a new international forum is necessary to deal with industrial overcapacity and share information on the matter.
Regarding the proposed scrapping of tariffs on environmental products, the statement says G20 nations will work to find common ground for an agreement by a G20 summit in China in September.
Such an agreement would cover such products as solar panels and wind power generation equipment.
The World Trade Organization is currently negotiating the matter.
Published Date:2016-07-11
