The European Union and Chinese solar panel exporters have reached an agreement on an anti-dumping dispute following months of intense negotiations.
EU Trade Commissioner Karel De Gucht said it has reached “an amicable solution” with Beijing in a row over imports of Chinese solar panels.
The Commission, EU’s executive arm, imposed temporary anti-dumping levies on the imports, arguing Chinese firms were selling them at below cost to steal market share.
“I can announce today that I am satisfied with the offer of a price undertaking submitted by China’s solar panel exporters, as foreseen by the EU’s trade defense legislation,” Gucht said.
The China Chamber of Commerce Import and Export of Machinery and Electronic Products, which led the negotiations on behalf of Chinese producers, agreed that Chinese solar panels would be sold at a minimum price of 56 euro cents per watt when imported to the EU, the Wall Street Journal reports.
The minimum price is voluntary and exporters who decide not to participate will still be hit by the EU’s anti-dumping tariffs of up to 47.6%.
Beijing threatened to take similar action against European “dumping” of wine in China.