EU trade chief Maros Sefcovic (right) and Chinese Commerce Minister Wang Wentao (left) agreed that both sides would follow procedures governing company price undertakings for hybrid cars. (AFP pic)BEIJING: China and the European Union reached an "understanding" on hybrid vehicles on Friday, as their commerce chiefs concluded talks with an agreement to strengthen dialogue, dispelling fears of a full-blown trade war.
The EU's Maros Sefcovic and China's Wang Wentao agreed both sides would adhere to "procedures concerning company price undertakings" of hybrid cars, Beijing's commerce ministry said, citing a joint statement.
The critical automotive sector was a focal point in the lead-up to talks, as cheaper products coming from China have strangled European industry and Brussels has sought to manage those exports.
