SEATTLE (Scrap Monster): The leading aluminum trade associations of the U.S., Europe, Canada and Japan have welcomed a new analysis from international organizations including the International Monetary Fund (IMF), Organisation for Economic Cooperation and Development (OECD), World Bank Group (WBG) and World Trade Organisation (WTO) on trade distorting and environmentally damaging sibsidies on aluminum products.
The joint report says that subsidies, subsidies debate and other emergencies have brought significant discord to the entire trading system, amidst increase in frequency and complexity of distortive subsidies. The report further notes that the issue demands global attention and cooperation.
Charles Johnson, President & CEO of The Aluminum Association; Paul Voss, Director General of European Aluminium; Jean Simard, President & CEO of the Aluminium Association of Canada; and Yasushi Noto, Executive Director of the Japan Aluminium Association welcomed the report. They said that the latest analysis draws attention to the prevalence of subsidies provided both by and to state enterprises across the entire aluminium value chain. Approximately 2 million direct and indirect jobs are at risk, they said.
The subsidies also lead to increased output in high GHG emitting production systems, thus resulting in higher carbon footprints.
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