EU, China reach a deal on multibillion-dollar ‘antidumping’ dispute
In a move which ends months of fierce negotiations between the European Union (EU) and China, the two bigwig economies of the world have reached an agreement on the ongoing ‘antidumping’ dispute involving multibillion dollars.
EU and Chinese leaders revealed on Saturday that they have worked out a deal to resolve their scuffle over alleged “dumping” of solar panels in the European market, with the lowest-possible cost agreed for China-manufactured panels.
The dispute essentially had the EU claiming that Chinese solar-panel manufacturers had exploited huge state subsidies to sell £18 billion worth of solar panels at below-cost prices – thereby underscoring a practice called ‘dumping’ - and, in the process, had hit domestic manufacturers.
The settlement deal - made on terms favourable to China – has been worked out by the EU’s trade chief and his Chinese counterpart. The agreement comes ahead of an August deadline, after which punitive tariffs would have been imposed.
In a statement pertaining to the ‘antidumping’ deal reached with China, EU Trade Commissioner Karel De Gucht said that he was “satisfied with the offer of a price undertaking submitted by China's solar-panel exporters, as foreseen by the EU's trade defense legislation;” and added: “This is the amicable solution that both the EU and China were looking for.”
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