The European Union (EU) and Chinese solar panel exporters have agreed to end the trade dispute through setting a minimum export price, EU trade commissioner Karel de Gucht said Monday.

Under the deal, producers accounting for about 70 percent of Chinese solar panel imports to the EU have agreed to set a minimum price for them, De Gucht said at a press conference without specifying what the price was.

"Chinese suppliers have agreed to voluntary undertaking where they commit to keeping the prices above a certain floor. In return, the companies who participated in the engagement do not have to pay the anti-dumping duties," he said.

"This undertaking would apply only for an annual volume that covers only part of the European market," said the Commissioner without giving details on the figure for the volume.

"Any Chinese exports exceeding this annual volume, the average anti-dumping duties of 47.6 percent will have to be paid as of August 6," he said.

The agreement, described by the Commissioner as an "amicable solution," will stabilize the European solar panel market and will remove the injury that the European industry has suffered, De Gucht said.

The announcement came nearly two months after the European Commission decided on June 4 to impose provisional anti-dumping duties on imports of solar panels, cells and wafers from China.

Since June 6, EU imports of Chinese solar products were subject to a punitive duty of 11.8 percent until August 6. After this date, duty is set to be raised to 47.6 percent if the two sides do not sort out the dispute through negotiation. Endi