Trilateral Meeting of US, Japan, EU Discusses Tackling Overcapacity, WTO Reform
The U.S., Japan and the EU plan to continue with joint efforts to lessen the effects of non-market policies on other countries though "enforcement and rule-making," the top trade officials from the those countries said in a news release. Such…
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policies lead to overcapacity and "undermine the proper functioning of international trade, including where existing rules are not effective," said Japan's Minister of Economy, Trade and Industry Hiroshige Seko, U.S. Trade Representative Robert Lighthizer and EU Commissioner for Trade Cecilia Malmstrom, who met in New York on Sept. 25. The officials also discussed their "common view on the need for the reform of the WTO, and, with respect to its monitoring and surveillance function, agreed as a first step to co-sponsor a transparency and notification proposal for consideration at the next meeting of the WTO Council on Trade in Goods."