G20 ministers discuss curbing impact of govt-backed excess manufacturing capacities: Goyal

NEW DELHI: (Oct 3) G20 trade ministers have discussed preventing large production capacities, created with government support in some geographies, from hurting manufacturing in countries that follow fair trade practices, including India, the US and Europe, Commerce and Industry Minister Piyush Goyal has said.

Replying to questions from the Indian diaspora in Chicago about the G20 trade ministers meeting, which concluded late evening on Friday in Milwaukee, Goyal said the members also discussed the future of several elements of the World Trade Organisation (WTO), which is currently under severe stress, including the fact that many countries are using predatory pricing as they have overcapacity, and are dumping goods, much to the detriment of honest and fair trade.

Replying to questions from the Indian diaspora in Chicago about the G20 trade ministers meeting, which concluded late evening on Friday in Milwaukee, Goyal said the members also discussed the future of several elements of the World Trade Organisation (WTO), which is currently under severe stress, including the fact that many countries are using predatory pricing as they have overcapacity, and are dumping goods, much to the detriment of honest and fair trade.