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CMA CGM signs two Chinese trade deals to give it inside track

MARSEILLES's CMA CGM, the world's No 3 container shipping company, has signed two deals with China that will give it the inside track in an expected trade surge between Asia and Europe, reports Reuters.

CMA CGM will join a US$1 billion financing deal with Export-Import Bank of China (CEXIM) and Hong Kong-listed China Merchants Holdings International (CMHI) to look at joint ventures in Beijing's "One Belt, One Road" initiative.

One Belt, One Road involves around 300 major projects to link Asia to Europe via road, rail, electricity and internet networks, gas and oil pipelines, as well as 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 10 years.

Source: Vietnamshippingazette