Cargo Business Newswire

Thursday, July 2, 2015

CMA CGM signs two deals with China to boost trade

French shipping giant CMA CGM will sign two deals with China, positioning itself to benefit from an expected increase in trade between Asia and Europe.

The carrier said it will sign a $1 billion financing agreement with Export-Import Bank of China (CEXIM) and an agreement with China Merchants (CMHI) to explore joint investments in the nation’s "One Belt, One Road" initiative to create an infrastructure network to boost trade.

One Belt, One Road involves approximately 300 major projects that link Asia to Europe via road, rail, electricity and Internet networks, gas and oil pipelines, and other sea and land infrastructure.

Chinese President Xi Jinping said in March he hoped annual trade between China and the countries involved in One Belt, One Road would exceed $2.5 trillion in a decade.

"One Belt, One Road is most certainly the world's most ambitious infrastructure development project," said CMA CGM in a statement on Tuesday.

CMA CGM, which opened its first office in Shanghai in 1992, says it has a 10 percent share of the container shipping market in China.

For more of the Reuters story: www.reuters.com