New Delhi, Oct. 8 -- India has joined the United States and 13 other economies in endorsing a joint ministerial statement focused on tackling structural excess capacity and production in major manufacturing sectors. The participating countries have urged action against non-market policies and practices that "distort markets and contribute to the problem".

The Office of the US Trade Representative (USTR) released the statement on Wednesday after G20 Trade Ministers held discussions in Milwaukee, Wisconsin, on September 30 and October 1, 2026. A total of 15 economies signed the statement.

Structural excess capacity occurs when an economy's ability to produce goods consistently remains higher than global demand. The joint statement said th...