G-20 Trade Ministers Chart Path for Finishing WTO EGA by January
G-20 trade ministers over the weekend in Shanghai agreed to finalize a compromise framework for the World Trade Organization Environmental Goods Agreement (EGA) by the G-20 leaders meeting in Hangzhou, China, in September, which would set the stage for completion…
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of the deal before the end of 2016, U.S. Trade Representative Michael Froman said in a statement (here). The ministers will conclude the EGA itself through a ministerial meeting, Froman said. During the Shanghai meeting of G-20 trade ministers, the G-20 also recognized that “excess capacity is a global issue,” Froman said. “Building on recent U.S.-China bilateral commitments, the G-20 has added to the chorus of voices calling for tackling the root causes of excess capacity for the benefit of both developing and developed countries." The Chinese government during the U.S.-China Strategic Dialogue last month agreed not to initiate new efforts to boost its steel capacity and pledged to give more than $15 billion to incentivize structural adjustments in its steel sector (see 1606080041).