G-7 Hints At WTO Action On Steel Overcapacity, Urges TPP Ratification

The joint communique of the G7 leaders highlighted global excess capacity in industrial sectors, particularly steel, as a problem that needs an urgent solution and hinted that failure to reach an agreement on coordinated actions among producing nations could lead to litigation in the World Trade Organization. The communique, issued at the conclusion of the May 26-27 G7 summit in Japan, does not expressly refer to WTO litigation on overcapacity but to “actions to enforce our rights." “We are prepared...