China

EU and China Reach Solar Panel Trade Deal

Minimum price for panels from China agreed to

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China and the European Union have defused their biggest trade dispute with a deal to regulate Chinese solar panel imports EU Trade Commissioner Karel De Gucht said in a statement.

"We found an amicable solution in the EU-China solar panels case that will lead to a new market equilibrium at sustainable prices," De Gucht said on Saturday.

After six weeks of talks, the EU's trade chief and his Chinese counterpart sealed the deal over the telephone, setting a minimum price for panels from China near spot market prices.

European solar panel makers accuse China of benefiting from huge state subsidies, allowing them to dump about $28bl worth of below-cost solar panels in Europe last year, putting European firms out of business.