Several Opposed Overproduction Deal in G20 Trade Talks: Chair

Washington, Oct. 2 (Jiji Press)--Several economies opposed efforts to tackle the issue of overproduction at a meeting in Milwaukee, Wisconsin, of trade ministers from the Group of 20 advanced and emerging economies, according to the chair's statement released by the Office of the U.S. Trade Representative on Friday.

A draft G20 ministerial statement to address structural excess capacity and production was supported by all but a handful of participants, "a few of whom firmly rejected creating this pathway toward cooperative action," the chair's statement said.

"The U.S. G20 presidency was severely disappointed by their refusal to agree to the statement," it added.

China, which exports cheap products with the help of massive subsidies, appears not to have been the only country to oppose moves to crack down on overproduction.

At the meeting, the United States had "called on all countries to take steps to eliminate structural excess capacity and production in their economies, including by ending the use of nonmarket policies and practices that distort markets and contribute to the problem," according to the chair's statement.

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