New PV price agreement

The agreement on solar panel price between the European Union (EU) and China received almost unanimous support from the EU members and will take effect on Tuesday, China News Service reported Sunday.

The report said that an announcement from the European Commission, the EU's executive arm, claimed that the EU accepts the "guaranteed price" agreement.

Beginning Tuesday, Chinese firms who accept the agreement will avoid hefty duties the EU planed to impose and those firms who do not agree to the terms will have to pay anti-dumping tax as high as 47.6 percent.

The agreement also sets a quota for Chinese PV product exports to the EU each year. Exports surpassing the quota will be subject to 47.6 percent anti-dumping tax.

The agreement will be valid until end of 2015.