Reuters has reported the European Commission has endorsed a deal that aims to settle a trade dispute with China over solar panels, after winning almost unanimous backing from member states.

The settlement, which follows weeks of negotiations, will be published on Saturday, and takes effect on August 6th.

A commission spokesman says a huge majority of members vote in favour, while NO member vote against. The deal would allow Chinese solar panel makers to export their goods to Europe, provided they offer the products above a set minimum price.

Chinese companies that agree to the terms will avoid severe tariffs, some as high as 47 percent. A majority of Chinese solar panel companies have agreed the deal, which will be effective until the end of 2015.