G20 Trade Ministers Meet in Milwaukee as US Calls for 'Trade Minister for Life'

Greer emphasized the need to build a more equitable trading system, with Goyal being a notable exception. The US has identified four key areas of focus for its G20 presidency: the impact of food on global markets. Addressing industrial excess capacity, reevaluating the Most-Favoured-Nation (MFN) principle, and combating forced labour in supply chains.

The issue of steel overcapacity dominated discussions at the Global Forum on Steel Excess Capacity. With the Milwaukee Framework serving as a guiding principle. Greer pledged to strengthen coordinated action on excess capacity, including trade remedies, steel supply-chain monitoring, and enhanced scrutiny of transhipment.

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Greer also expressed his desire to reassess the MFN principle, which requires countries to offer the same trade terms to all partners. While acknowledging its importance in the trading system, he noted that its unconditional application could limit countries' ability to respond to distortive policies and changing market conditions.

Goyal is engaged in bilateral discussions with his US counterpart, working towards an India-US Bilateral Trade Agreement and an interim deal. The commerce ministry stated that Goyal would engage in ongoing efforts to advance a balanced and mutually beneficial India-US Bilateral Trade Agreement.

With the goal of finalizing an interim deal in line with the Joint Statement of February 7, 2026.

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As the G20 gathering comes to a close, the focus remains on building a more equitable and sustainable trading system, with the US and India at the forefront of these efforts.

Greer's remarks highlighted the importance of cooperation and collaboration in addressing the complex challenges facing the global trading system. The US and India's efforts to finalize a bilateral trade agreement by 2026 are a significant step towards strengthening their economic partnership.