G-20 Ministerial Yields Progress on Environmental Goods, Excess Capacity Issues
The Office of the U.S. Trade Representative indicates that G-20 trade ministers agreed on a package of outcomes covering WTO multilateral and plurilateral trade agreements and negotiations, investments and cooperation on global value chains at a recent meeting in Shanghai. According to USTR, the U.S. achieved “strong results” on plurilateral negotiations on the Environmental Goods Agreement and global excess capacity in key sectors like steel.
More specifically, ministers from G-20 countries participating in the EGA discussions - Australia, Canada, China, the European Union, Japan, Korea, New Zealand, Singapore, Turkey and the U.S. - identified a clear path to conclude the negotiations by agreeing to finalize a landing zone by the G-20 leaders meeting in September and hold a final ministerial to conclude a deal before the end of the year. Ministers also recognized that excess capacity is a global issue, building on recent U.S.-China bilateral commitments.