The European Commission (EC) welcomed on Friday a deal between Chinese and European producers to end a Chinese anti-dumping and anti-subsidy investigation into European wine exports.

The European and Chinese wine industries have reached an agreement which will lead to the termination of the Chinese investigations into European wine exports initiated in July 2013 and will provide the basis for technical cooperation and exchanges planned for the next two years.

"I welcome the amicable solution which has been found by the two industries," said the EU Agriculture Commissioner Dacian Ciolos, "My expectation is that the question mark hanging over EU wine exports as a result of the Chinese investigation is now clearly resolved and this is very good news."

Ciolos said that the EU has been strengthening collaboration and cooperation with China in the agricultural sector over the past four years.

"I now look forward to working with my counterparts in the Chinese Government to build on this outcome," he added.

"I applaud the fact that the Chinese wine industry will withdraw its application for anti-dumping and anti-subsidy measures," EU Trade Commissioner Karel De Gucht stated, "I expect that the case will now be formally terminated so that the EU wine industry can continue to export its quality products to China in a fair and competitive environment."

"After the recent agreement reached in the polysilicon case, this is yet another positive development which will further strengthen the EU-China bilateral relationship," he added.

On 1st July 2013, China initiated an anti-dumping and anti-subsidy investigation into European wine exports to China.

According to the EU, in the past six years (2007-2012) Chinese wine market has experienced very significant growth.

EU wine exports to China amounted to 764 million euro (about 1062 Million U.S. dollars) in 2012 of with 71 percent from France, 11.7 percent from Spain and 10.1 percent from Italy.