The G20 aims at cooperation to reduce excess steel capacity

The Global Forum on Overcapacity Steel G20 concluded the first meeting of the year in Paris, France. The objective of the Global Forum is to address the overcapacity of steel in global markets through greater exchange of information, greater cooperation and effective measures to address the challenges of overcapacity.
Representatives of G20 countries and international organizations partners were found during the last two days at the headquarters of the OECD, in what was the first meeting of this issue under the presidency Argentina.
Officials worked to implement the principles and recommendations adopted at the meeting of November 30, 2017, in Berlin. In that regard, they highlighted the progress made during the forum on the exchange and review of information to develop a consensus on what should be the process and timetable to remove subsidies and other forms of support from governments or related entities distorting market.
Shunko Rojas, Undersecretary of Foreign Trade of Argentina and leader of the Global Forum on overcapacity in steel, emphasized the critical role that can have this group and the need to make urgent progress. “Our leaders outlined a very clear objective. The forum is an opportunity to reaffirm our commitment to multilateral solutions to overcapacity of steel. These are times of transparency and, above all, action. Anything less than full and timely implementation of our commitments will be enough , “he said.
Throughout the year, the forum held two meetings, in June and September in Paris, which will serve to advance the implementation of agreed principles and recommendations. Finally, a progress report will be presented at the Leaders Summit on November 30 and December 1 in Buenos Aires.
On the G20
The G20 was established in 1999 as a technical meeting of finance ministers and Central Bank presidents. During the economic crisis of 2008, it became what it is today: a key discussion and decision-making space in which top world leaders and major economies participate. Together, members represent 85% of the total crude product, two thirds of the world population and 75% of international trade.