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China, EU sign investment deals worth $270mn
October 23, 2013, 9:10 am

[AP]

China and the EU signed a three-year currency swap agreement worth 350 billion yuan ($57 billion) earlier this month [AP]

China and the European Union have signed investment and trade deals worth $270 million at an investment fair held in the city of Chengdu in southwest China.

Three investment projects totalling $190 million will provide funding for a Sino-French sewage treatment project, a Sichuan Mianyang Haosheng BMW engine project, and increased investment in Shell Oil Company gas stations.

Another three trade projects worth a total of $80 million were also signed.

Exports from Sichuan to Europe totalled $6.87 billion in the first nine months of this year, according to official data.

Earlier this month, China’s central bank, the People’s Bank of China signed a three-year currency swap agreement worth 350 billion yuan ($57 billion) with the European Central Bank.

Trade between Europe and China has doubled since 2003 and is now worth more than $1.3 billion a day.

The European Commission is set to negotiate on an “investment agreement” with China at a meeting in Luxembourg later this month which could pave the way for a Free Trade Agreement between the two biggest markets in the world.

Source: Agencies

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