"It is not a perfect deal, but from the EU's point of view and under the current circumstances, it is very satisfactory", a commission official commented.
Apart from the agreement by the Chinese - for whom it was less acute to reach a compromise than for the Europeans - to share the burden, the main advantage is that the June quota system has been maintained, argues the EU executive.
Response by industry
Retailers have welcomed the deal, expressing hope that the items will be on the shelves by mid-September and businesses can plan for the autumn and winter sales, according to Alisdair Gray from the British Retailers Consortium in Brussels.
"However, there is a price to be paid for getting France and Italy on board for this agreement and we need Commissioner Mandelson to come forward and explain what incentives have been offered to the protectionist member states to win their
support", he added.
On the other hand, Euratex, representing European textile producers, considers the deal as favouring Chinese exporters and retailers.
"We are not very happy with it, although we have to see the exact details of the agreement", Francesco Marchi, the body's economic director told the EUobserver.
"The solution may save the Commission's face about the whole affair, but it will be difficult for the industry, as it will be upon our shoulders to bear it", he added.
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