The European Union has decided not to launch an anti-subsidies investigation into Chinese telecommunications equipment makers Huawei Technologies and ZTE Corp.

The decision was made during an annual meeting between Chinese and EU trade officials in Brussels on Saturday.

This is the second consultative agreement between Beijing and Brussels following a consensus to implement a price undertaking over China's multibillion-dollar solar panel exports to the European market. The two solutions have helped avoid trade wars among the world's biggest economies.