EU, China reach deal on solar panels

AFP-JIJI

The European Commission said Saturday it had reached an “amicable solution” with Beijing over imports of Chinese solar panels, a dispute that had threatened to turn into a full-blown trade war.

EU Trade Commissioner Karel De Gucht said in a statement that “after weeks of intensive talks,” the two sides had agreed a minimum price for imported Chinese solar panels, which EU manufacturers had claimed were being massively dumped in the European market.

“We are confident that this price undertaking will stabilize the European solar panel market and will remove the injury that the dumping practices have caused to the European industry,” he said.

“We have found an amicable solution that will result in a new equilibrium on the European solar panel market at a sustainable price level,” De Gucht said.

In June, Brussels imposed an emergency anti-dumping tariff of 11.8 percent on imports of Chinese solar panels, which was set to rise to 47 percent if no settlement was reached by Aug. 6.