G20 aims to cooperate to reduce excess capacity of steel

The Global Forum on Steel Excess Capacity completed its first meeting of 2018. The Argentine G20 presidency highlighted the progress achieved in the meeting

The Global Forum on Steel Excess Capacity (GFSEC) successfully concluded today its first meeting of 2018 in Paris, France. The aim of the forum is to address global excess capacity on steel markets by increasing information sharing and greater cooperation, and through the adoption of effective steps to address the challenges of excess capacity.

 

Global Forum members met over the past two days at the headquarters of the Organization for Economic Cooperation & Development (OECD). It was the first meeting on this topic under the Argentine G20 presidency.

 

The officials worked for the swift and full application of the principles and recommendations adopted at the meeting in Berlin on 30 November 2017. Members made progress on exchanging and reviewing information, with a view to developing a consensus around the process and timeline for the removal of market distorting subsidies and other kinds of support by government or government-related entities.

 

Shunko Rojas, Argentina’s Undersecretary of Foreign Trade and Chair of the Global Forum, underlined the critical role that the mechanism can play and the need to achieve urgent progress: “Our leaders have outlined a very clear mandate for the Global Forum on Steel Excess Capacity. The forum presents an opportunity to reaffirm our commitment to the multilateral solutions to the issue of excess capacity in steel. It is time for transparency and, most of all, action. Nothing less than the full and timely implementation of our commitments will do.”

 

The Global Forum will continue to meet throughout the year, to advance the swift and full application of agreed principles and recommendations and to develop a progress report to be submitted at the Leader’s Summit on 30 November and 1 December in Buenos Aires, fulfilling the mandate established in the Hamburg G20 Leaders’ Declaration.

About the G20

The G20 started out in 1999 as a meeting of finance ministers and central bank governors. In 2008, amidst the global financial crisis, it evolved into what it is today: a major forum that seeks to develop global policies to address the world’s most pressing issues. The G20 summits are attended by the heads of state and government of 19 of the world’s leading economies and the EU. Together, the G20 members represent 85% of global GDP, two-thirds of the world’s population, and 75% of international trade.