TMCnet News
China, Europe Agree Not to Fine Huawei, ZTE(Sinocast Telecommunications Beat (China) Via Acquire Media NewsEdge) BEIJING, October 10, SinoCast -- The European Union and China have reached temporary agreement for telecom equipment trade disputes so that Chinese telecom equipment makers Huawei Technologies and ZTE will not be imposed of punitive duties. The news came from an unnamed official from the European Union, saying that Chinese minister of commerce and European Commissioner for Trade Karel De Gucht will meet in Brussels on October 18 after Milan ASEM to ink final agreement. Both sides have reached oral agreement and need written confirmation. A person in the know revealed that the agreement will create an entity monitoring market share of Chinese telecom equipment makers in Europe and Chinese market share of Ericsson, Nokia and Alcatel-Lucent (NYSE: ALU). The European Union insisted on forming such a mechanism to assure big shares of above three European companies in bidding invitations kicked off by Chinese mobile companies. China also promised to further discuss with the European Union offering export credit and loan guarantee to Huawei Technologies and ZTE, which will reflect efforts made by the Chinese party instead of final agreement. |