India, 13 nations call for global action to curb excess industrial capacity ...Middle East

India and 13 other countries have called for coordinated global action to curb excess industrial production that distorts markets, hurts domestic industries and contributes to an imbalance between supply and demand. The countries issued a joint statement on Wednesday after meeting on the sidelines of the Organisation for Economic Co-operation and Development (OECD) Trade Committee deliberations in Washington. "We call on all countries to take steps to eliminate structural excess capacity and production in their economies, including by ending the use of non-market policies and practices that distort markets and contribute to the problem," the joint statement said. Building on discussions at the G20 Trade Ministerial in Milwaukee, the economies joined the US in signing a Joint Ministerial Statement to work together through new, dedicated sectoral platforms to examine and take effective action against structural excess capacity and production in several key sectors of concern, the offi

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