China and the European Union have resolved the electric vehicle case in accordance with World Trade Organization rules and on the basis of mutual respect, a move of significant positive importance, the Ministry of Commerce said on Thursday.

Earlier this week, the ministry announced that China and the EU had agreed to provide general guidance on price undertakings — commitments to maintain minimum prices — for Chinese exporters of battery electric vehicles to the bloc.

Speaking at a weekly news conference, He Yongqian, a spokeswoman for the ministry, said that business communities on both sides welcomed the move and expressed strong support, adding that a smooth resolution of the electric vehicle case would help bolster market confidence and create new momentum for bilateral cooperation in the auto sector.

The commerce official said the move would contribute to the steady development of China-EU economic and trade relations and help maintain the stability of global automotive supply chains amid ongoing global uncertainty.

"China and the EU are willing to work together to safeguard a rules-based international trade order, provide a positive example for countries to resolve differences through dialogue and consultation, and inject greater certainty into global economic development," He added.