WASHINGTON: The US G20 president expressed its “severe disappointment” on Friday over certain members’ rejection of this week’s call for action against excess industrial capacity, which is often directed at China.
This year, the United States, along with China, India, France, Germany, and Japan, will serve as the Group of 20 major economies’ rotating president. However, after two days of discussions in Milwaukee, trade ministers could not reach a consensus on combating overcapacity and forced labour.
Top US trade official Jamieson Greer stated that a draft ministerial statement opposing excess capacity, which is perceived as unjustly driving down costs, “was supported by all but a handful of members.” Among other things, this had urged all nations to take steps to remove structural excess capacity in their economy.
In a statement issued on Friday, Greer, the chair of the G20 trade ministerial conference, said, “The US G20 Presidency was severely disappointed by their refusal to agree to the statement.” The statement did not name the nations that disagreed.
China objected to a statement made by finance ministers in September that called on members to “eliminate non-market policies. When asked about the subject on the fringes of the G20 negotiations, Li Chenggang, China’s foreign trade representative, would only respond that each party had voiced its own viewpoint.
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