Japan, 27 Others Agree on Framework to Tackle Steel Overcapacity
Washington, Sept. 30 (Jiji Press)--Japan and 27 other countries and regions agreed Wednesday on a comprehensive framework for joint action to address steel excess capacity, calling for monitoring exports through third-party countries to circumvent trade regulations. The framework, adopted at a meeting in Milwaukee, Wisconsin, called for collecting and sharing information, including on the c...
Japan and 27 other nations reached a consensus on September 30, addressing the issue of steel overcapacity, according to Jiji Press. The agreement was finalized during a meeting in Milwaukee, Wisconsin, where the countries committed to a comprehensive framework designed to tackle the problem.
The framework calls for monitoring exports through third-party countries to circumvent trade regulations. This strategy aims to ensure that steel exports comply with international trade laws.
The agreement also emphasizes the importance of transparency in supply chains. It demands the collection and sharing of information, including data on where steel is melted and poured, and any concerns regarding circumvention.
The measures proposed are primarily aimed at addressing circumvention concerns, particularly those involving China. The framework also considers the implementation of antidumping and countervailing duties as necessary measures to mitigate the effects of low-priced steel products on domestic industries.
As stated in the joint statement, "Excess capacity is sustained by factors including government interventions that shield uneconomic capacity from market forces that would otherwise require its retirement, distorting trade and weakening market-based producers worldwide."
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