Some G20 trade ministers sign US-led statement denouncing excess factory capacity
SPY•Trade ministers from a dozen G20 countries, the European Union and Poland signed a US-led statement calling for action against excess factory capacity and policies that encourage overproduction.
1. Statement signed
The US Trade Representative's office said trade ministers from a dozen G20 countries, the European Union and Poland signed the statement. Senior officials from market-oriented economies agreed to it on the sidelines of an OECD Trade Committee meeting.
2. No G20 consensus
A US-led meeting of G20 trade ministers in Milwaukee last week failed to reach consensus on excess industrial capacity.
