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Home BUSINESSEU, China inks deal to end controversy over solar panels trade
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Sun, 28 Jul, 2013 01:49:02 AM
FTimes News Desk, July 28
European Union and China resolved on Saturday their trade dispute over Chinese solar panel and signed a deal to regulate the solar panel, news agency STT reported quoting AFP.
China has agreed to export the solar panel to the European market at the EU’s minimum price. Reuters reported that the agreed price was 0.56 euro cents per watt, near the spot price for Chinese solar panels in July in Europe.
Cheap Chinese solar panels have taken over the market in the EU in recent years. The European panel manufacturers have accused the Chinese producers of taking predatory prices.
It is believed that the EU decision would bring balance in the solar panels market. It's set back in June of provisional duty for Chinese solar panels. The duty was to be increased significantly in August.
Reuters reported that European solar panel makers accuse China of benefitting from huge state subsidies, allowing them to dump about 21 billion euros ($28 billion) worth of below-cost solar panels in Europe last year, putting European firms out of business.
Other European industries that have accused China of dumping have faced imports of about 1 billion euros a year.
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