Some G20 trade ministers sign US-led statement denouncing excess factory capacity

​Trade ministers ​from ‌a dozen G20 countries ​along with the European ‌Union and Poland signed onto a US-led statement calling for action ‌to eliminate structural excess factory ‌capacity and the "non-market" policies that encourage overproduction, the US Trade Representative's office ⁠said ​on ⁠Wednesday.

The joint statement from the market-oriented ⁠economies was agreed by senior officials ​on the sidelines of an ⁠OECD Trade Committee meeting. A US-led ⁠meeting ​of Group of 20 trade ministers in Milwaukee ⁠last week failed to reach consensus ⁠on the ⁠topic of excess industrial capacity.