BEIJING - China's Ministry of Commerce announced Saturday that it appreciated and welcomed a price undertaking deal reached between a Chinese chamber of commerce and the European Commission on Chinese solar panel exports.

Ministry spokesman Shen Danyang said that the deal, reached between the China Chamber of Commerce for Import and Export of Machinery and Electronic Products and the European Commission, has come after intensive talks following the imposition of provisional anti-dumping duties on EU solar panel imports from China in June.

Shen said that leaders of both China and the EU have expressed willingness to settle the solar panel dispute through negotiations, given that the case is currently a major issue in bilateral economic and trade relations.

Shen said that both China and the EU should find proper solutions to trade frictions. It will benefit both sides to settle the solar panel dispute through dialogues.

Shen added that the proper settlement of the solar panel dispute will also prove beneficial to the development of clean energies globally.

Meanwhile, EU Trade Commissioner Karel De Gucht said Saturday "We found an amicable solution in the EU-China solar panels case that will lead to a new market equilibrium at sustainable prices."

Gucht said that he was satisfied with the offer of a price undertaking submitted by China's solar panel exporters.

Price undertaking is permitted by the WTO and EU laws. It is an alternative form of trade measures that replaces a duty by a price undertaking based on a minimum import price, according to a press release from the European Commission on Saturday.