OECD secretary-general appeals to address root causes of steel crisis through multilateral approaches

PARIS, March 6 (Xinhua) -- OECD Secretary-General Angel Gurria has called on the governments of steel-producing economies to address the root causes of today's steel crisis through multilateral approaches, and in particular through the platform of Global Forum on Steel Excess Capacity (GFSEC).

The Organization for Economic Cooperation and Development (OECD) made the announcement on Tuesday in a press release.

" As shown repeatedly in the past, we need global solutions to global problems", Gurria said, adding that "that is exactly why the GFSEC exists."

" In view of the urgency of the situation, the GFSEC needs to take swift and tangible action in 2018,"Gurria noted.

U.S. President Donald Trump announced last Thursday that the United States is set to impose 25 percent tariff on steel imports and 10 percent on aluminum.

It has sparked anger in the European Union (EU) and the bloc threatened to take retaliatory action by charging duty on American products if Trump imposed tariffs on European steel and aluminum.

A ministerial meeting of the GFSEC is planned for next June, under the Argentinean presidency of G20, according to OECD.

The GFSEC was founded in 2016 following the consensus of G20 Hangzhou Summit.

Working with over 100 countries, the OECD is a global policy forum that promotes policies to improve the economic and social well-being of people around the world. Enditem