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G20: US, EU committed to negotiate carbon-based arrangement on steel, aluminum trade, says Biden G20 Meeting
Image Credit: twitter.com/POTUS

G20: US, EU committed to negotiate carbon-based arrangement on steel, aluminum trade, says Biden

India Blooms News Service | @indiablooms | 31 Oct 2021, 11:14 pm

Washington/UNI/Sputnik: The United States and the European Union have pledged to negotiate a new carbon-based arrangement on steel and aluminum trade after agreeing to suspend the Trump-era tariffs in the sectors, US President Joe Biden said on Sunday.

"The US and the EU have committed to negotiate a carbon-based arrangement on steel and aluminum trade," Biden said addressing the G20 summit in Rome.

The sides committed to re-establish transatlantic trade flows in steel and aluminium, as well as to boost their partnership and tackle challenges in the steel and aluminium sector, the EU and the US said in a joint statement.

"The European Union and the United States have a shared commitment to joint action and deepened cooperation in these sectors and are taking joint steps to defend workers, industries and communities from global overcapacity and climate change, including through a new arrangement to discourage trade in high-carbon steel and aluminum that contributes to global excess capacity from other countries and ensure that domestic policies support lowering the carbon intensity of these industries," the statement read, as quoted by the White House.