Trade ministers of the G7 group of democratic industrialized countries agreed on increased cooperation to deal with market-distorting practices and overcapacity at a meeting in southern Italy on Wednesday. “We will support diplomatic efforts with those contributing to overcapacity to address the issue at its source, while intensifying engagement with developing countries and emerging markets on our shared concerns on these practices,” the concluding statement said. Part of the enhanced cooperation was to monitor non-market policies and practices as well as to exchange information and consult o…