As per reports released by the European Union, it would not call for ruling by the World Trade Organization (WTO) over its tariffs on the imports of LCD panels.

The organization forwarded the ruling on July 23, announcing that the EU had violated an earlier deal by imposing a 14 percent tariff on imports of the high-end flat screen panels.

In general, the tariffs had aimed panels bigger than 19 inches, which were equipped with high-definition interface terminals as well as digital video interface terminals.

This comes as a good news for three nations, which had recently joined forces in the suit—Taiwan, Japan and the United States.

According to the reports released by Taiwan’s economics ministry announced that the European Union had refused tariffs on the panels since the ruling.

Meanwhile, Taiwan is all set to join the other two nations in talks with the EU on a time frame for the official end to the tariffs.

In addition, the win is said to save local exporters NT$19.6 billion (approximately US$612.5 million) in tariffs a year.