WASHINGTON, Oct 3 — The US G20 presidency said yesterday it was “severely disappointed” that some members rejected a statement this week for action against excess industrial capacity, a criticism commonly aimed at China.
The United States holds the rotating presidency of the Group of 20 major economies this year, a grouping that also includes China, India, France, Germany and Japan.
But trade ministers failed to reach agreements on countering overcapacity and forced labour after two days of talks in Milwaukee.
A draft ministerial statement against excess capacity, seen as driving costs down unfairly, “was supported by all but a handful of members,” said top US trade official Jamieson Greer.
This had called on all countries to move to eliminate structural excess capacity in their economies, among other actions.
