China and EU resolve wine dispute21st March, 2014 by Gabriel Stone
China and the EU have signed a deal which will see Beijing end its anti-dumping inquiry into European wine imports.
Tensions initially arose when the EU accused China of supplying cut-price solar panels. Although an “amicable solution” to this issue was agreed last summer, China kept up its own inquiry, which was viewed by many as a retaliatory gesture.
The two sides have been in talks since November 2013, with France – which accounts for more than half of Europe’s $1.04 billion wine exports to China, excluding Hong Kong – indicating last month that a resolution was in sight.
Earlier this week, on the eve of Chinese President Xi Jinping’s visit to Europe, the two regions finally signed a memorandum of understanding.
As reported by EUbusiness, Chinese commerce minister Gao Hucheng said: “We are happy to see industries from both sides deepen understanding through dialogue and resolve the dispute via cooperation.”