Trade ministers of the G20 group have opened a debate on overhauling the most-favoured-nation principle. They also questioned whether WTO tools are fit to deal with excess industrial capacity. The discussions took place at the G20 trade ministers’ meeting in Milwaukee, Wisconsin.

Commerce Minister Piyush Goyal attended the meeting. He is in the United States from September 29 to October 5. His visit is aimed at advancing talks on an India-US bilateral trade agreement.

Goyal met US Trade Representative Jamieson Greer on the sidelines. The MFN principle requires WTO members to treat all trading partners equally. Some members now argue the rule needs rethinking amid trade tensions.

Excess capacity in sectors like steel has been a long-running dispute. Ministers also discussed supply chain resilience. The Milwaukee meeting is part of the G20 calendar under the current presidency.

Goyal also met American business leaders during the visit. India is seeking an interim trade arrangement with the US. The two sides have been negotiating for months.

No final agreement has been announced yet.