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Faced with the threat of an US section 232 investigation on steel imports combined with a huge global steel overcapacity, free and fair international steel trade is at considerable risk, with unpredictable dangers of a spiraling trade war on steel. Therefore, EUROMETAL welcomes, that G20 meeting in Hamburg reaffirms efforts to reduce global steel overcapacities and supports free and fair rules in order to create a level playing field in international steel trade, by inviting world leaders to urgently remove market-distorting subsidies and other types of support by governments and related entities.
The G20 statement recognizes the right of members to apply legitimate trade defense instruments, to address unfair trade practices.
This statement comes as EU Commission mulls new trade defense instruments to fight dumping practices from countries where there are significant distortions to free market forces.
The G20 joint statement further calls for members to fulfill their commitments on enhancing information sharing and cooperation in order to develop concrete policy solutions that reduce global steel excess capacity. This action plan is due for November 2017, when OECD Global Forum on Steel Excess Capacity will meet. |
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