G20 Trade Ministers Agree on 'Milwaukee Framework' to Address Steel Excess Capacity, Discuss MFN Principle

G20 trade ministers, meeting under the US presidency, agreed to the 'Milwaukee Framework' for joint action to strengthen cooperation in addressing excess steelmaking capacity and its effects on global markets. Ministers also discussed the future of the Most-Favoured-Nation (MFN) principle, with some economies indicating merit in considering ways to improve it to better address the current global trading environment, particularly concerning non-market policies and trade imbalances. The discussions did not result in specific changes to the MFN principle.