On October 8, 2026, India and 13 other countries urged for coordinated global efforts to address excess industrial production, which they say disrupts markets, harms domestic industries, and creates supply-demand imbalances. This announcement came after a meeting held on the sidelines of the Organisation for Economic Co-operation and Development (OECD) Trade Committee discussions in Washington.
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The countries released a joint statement emphasizing the need for all nations to eliminate structural excess capacity in their economies, including ceasing non-market policies that distort market conditions. The statement builds on discussions from the G20 Trade Ministerial in Milwaukee, where the participating countries, including the US, committed to collaborating through new sectoral platforms aimed at tackling excess production in critical sectors.
The signatories of the joint statement include trade ministers from Argentina, Australia, Canada, the European Union, France, Germany, India, Italy, Japan, South Korea, Mexico, Poland, Turkiye, the United Kingdom, and the United States. However, G20 members China, Brazil, Indonesia, Russia, Saudi Arabia, and South Africa did not endorse the statement.
The Milwaukee G20 ministerial had been unable to achieve consensus on issues like forced labor and industrial capacity concerns. USTR Jamieson Greer noted in a statement that multiple economies highlighted structural excess capacity and production maintained by foreign governmental policies that exceed global demand.
Greer warned that without intervention, these challenges would continue to damage domestic industries, displace local production, and hinder efforts to improve living standards for workers and their families. He also indicated that the Trump Administration would persist in its efforts to protect US industries and workers from such market distortions.