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South Korea, 15 countries launch joint response to structural overcapacity

South Korea and 14 other countries have launched a joint response to structural overcapacity, which has emerged as a global trade issue. The Ministry of Trade, Industry and Energy said the countries issued a joint ministerial statement on Oct. 7 in Paris at the OECD headquarters. The statement defined structural overcapacity as a major challenge and set criteria for identifying it, without naming any country. The group will form a consultative body covering five sectors and begin cooperation talks in Paris.