![G20 to set up forum to combat world oversupply: EU diplomat](https://photo-cdn.urdupoint.com/media/2016/09/_2/740x404/pic_1473071495_2.jpg)
G20 To Set Up Forum To Combat World Oversupply: EU Diplomat
Fahad Shabbir (@FahadShabbir) Published September 05, 2016 | 03:20 PM
![G20 to set up forum to combat world oversupply: EU diplomat](https://photo-cdn.urdupoint.com/media/2016/09/_2/740x404/pic_1473071495_2.jpg)
HANGZHOU, China, (UrduPoint / Pakistan Point News -5th Sep,2016) - The Group of 20 leading economies will set up a global forum to combat world industrial oversupply, a senior European Union diplomat said Monday at a summit in China.
The final communique will say that "measures like subsidies are a root cause of market distortions" and a forum will be set up "to monitor the process" of cutting overcapacity, the official told reporters.
The global steel industry is assailed by huge oversupply with Chinese demand plummeting as its economic growth has slowed. The G20 host produces half of the world's steel and it stands accused of dumping on global markets by the US and European Union.
Both sides have slapped anti-dumping duties on each others' products in various sectors. But Chinese firms are suffering crippling losses from low steel prices too, and Beijing has repeatedly pledged to cut overcapacity in the country.
Ahead of the summit, US Treasury Secretary Jack Lew said President Barack Obama would press Beijing to limit steel overcapacity at the meeting. "Excess capacity distorts markets and the environment, harms our workers and runs counter to our efforts to achieve strong, sustainable and balanced growth," Lew said in Washington.
China would not be named in the final document to be issued after the gathering in the eastern city of Hangzhou, the diplomat said, and had committed to participate in the forum. "Half of members wanted this concrete deliverable," he added.
"Now of course we have to enforce and to follow up," the official added. "Politically it is an important step." Beijing has vowed to eliminate 100-150 million tonnes of capacity -- out of a total of 1.2 billion tonnes -- by 2020.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From Business
-
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
7 hours ago -
Chinese support for CPEC, development projects show deep love with Pakistan: Mushahid
7 hours ago -
G20 seeks common ground on taxing super-rich
7 hours ago -
Stocks rise as inflation data boosts rate cut hopes
7 hours ago -
Land of PSM to be used for establishment of SEZs: NA body told
10 hours ago -
European medicines watchdog rejects new Alzheimer's drug
10 hours ago
-
FBR committed to resolve taxpayer issues in KP, Chairman FBR assures Governor KP
11 hours ago -
Tanveer emphasizes role of SEZs in attracting investment
11 hours ago -
Russian central bank hikes key rate to fight inflation
11 hours ago -
SBP injects Rs9.545 trillion into market
11 hours ago -
PSX stays bearish, loses 439 points
12 hours ago -
US Fed's favored inflation measure cools further in June
13 hours ago