TEMPO.CO, Brussels - The European Union (EU) commission and China’s Chamber of Commerce for Import and Export of Machinery and Electronic Products have finally ended their dispute over solar panels and agreed to set a minimum price for China’s imports. However, EU Trade Commissioner Karel De Gucht did not provide any details on the minimum price.

"We found an amicable solution ... that will lead to new market equilibrium at sustainable prices," said De Gucht, as reported by ChinaDaily.com.

Since June 6, EU imports of Chinese solar products were subject to a punitive duty of 11.8 percent until August 6, from when on, the duty would have been raised to 47.6 percent if the two sides could not sort out the dispute through negotiations.

Chinese solar panel production quadrupled between 2009 and 2011 to more than the entire global demand, and the commission accused China of dumping its solar panels at below the cost of production in Europe.

On June 4, the European Commission decided to impose provisional anti-dumping duties on the import of solar panels, cells and wafers from China. China retaliated by initiating anti-dumping proceedings against European wine. China pointed to European subsidies for grape growers saying that they allowed European wine to be sold under its production price in China.

De Gucht said the deal regarding the minimum price for China’s imported solar panel products would only be effective until the end of 2015.

CHINADAILY.COM | XINHUA | SETIAWAN