Cecilia Malmström, European Commissioner for Trade, US Trade Representative Robert E. Lighthizer and the Minister of Economy, Trade and Industry of Japan, Hiroshige Seko, are expected to adopt a declaration at the 11th ministerial meeting of the WTO on Tuesday 12 December that seeks to enhance trilateral EU/US/Japan cooperation at the WTO against overcapacity in key industrial sectors such as steel and global markets. This implicitly targets China.
EUROPE obtained a copy of the draft regulation which stated “We shared the view that severe excess capacity in key sectors exacerbated by government-financed and supported capacity expansion, unfair competitive conditions caused by large market-distorting subsidies and state owned enterprises, forced technology transfer, and local content requirements and preferences are serious concerns for the proper functioning of international trade, the creation of innovative technologies and the sustainable growth of the global economy”.
To address this critical concern, the EU, US and Japan, “must agree to enhance trilateral cooperation in the WTO and in other forums, as appropriate, to eliminate these and other unfair market distorting and protectionist practices by third countries”. (Original version in French by Emmanuel Hagry)