India, 14 others ink joint ministerial statement to curb structural excess capacity

India has joined 14 other economies in signing a joint ministerial statement to address structural excess capacity in key sectors. This move aims to reduce overproduction and promote fair trade practices globally. The signatories, which include the US, EU, and UK, will work together to tackle excess capacity in industries such as electric vehicles, batteries, chemicals, semiconductors, and solar panels. This agreement has significant implications for the global economy, as it could help to prevent trade tensions and promote cooperation among major economies.

Why it matters

The joint statement aims to reduce excess capacity and production, which could lead to more stable markets and prices. This cooperation may also ease trade tensions between the participating economies.

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