facebook
twitter
rss
account
search
search
 

EU sees growth potential in Chinese solar deal

July 30, 2013 at 7:36 AM   |   Comments

BRUSSELS, July 30 (UPI) -- The renewable energy sector in the European Union has room to grow in the wake of a deal with China, an EU trade commissioner said.

EU Trade Commissioner Karel De Gucht announced the bloc reached an "amicable solution" to a solar trade dispute with China.

The EU planned to impose duties on Chinese solar panels in response to allegations they were sold on the European market at below market cost. The Chinese government targeted the European wine industry in response.

"The Chinese suppliers have agreed to a voluntary price undertaking where they commit to stop dumping and keep prices above a certain floor," he said in a statement Monday. "In return, those companies who participate in this engagement do not have to pay the anti-dumping duties."

Chinese Foreign Minister Wang Yi said the mechanism would help advance environmental agendas and stimulate the global economy, China's official Xinhua News Agency reported.

Chinese-manufactured solar products account for more than half of the global market and are a main source of European imports of renewable energy goods. De Gucht told Euronews the deal would stimulate the renewable energy sector in Europe.

"We have created a window of opportunity for the European industry to recover," he was quoted Tuesday as saying.

Trade groups, however, said the agreement fell short of expectations.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
Russia doesn't fear Azeri gas, scholar says Russia doesn't fear Azeri gas, scholar says
4
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
5
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
Trending News
Around the Web
x
Feedback