China and the European Union (EU), after more than a year of talks, have agreed to set minimum prices for imported Chinese electric vehicles (EV) in lieu of hefty tariffs, officials and experts say, as reported by China Daily.
This will help safeguard the global auto supply chain and support the rules-based global trading system.
It sends a clear signal that the two major economies have the capability and willingness to resolve differences through equal dialogue, they added.
The Commerce Ministry said on Monday that both China and the EU “believe it necessary” to provide general guidance on price undertakings – commitments to establish minimum prices – for Chinese exporters of battery electric passenger vehicles to the EU.
This move will enable Chinese exporters to address the EU’s anti-subsidy case concerning Chinese EVs in a way that is “more practical, targeted and consistent with World Trade Organisation rules”.
