China, Spain ink USD 3.8 bln deal to boost bilateral cooperation

Wednesday 1 October 2014 14:24 CET | News

Chinese and Spanish political representatives have signed business deal worth around USD 3.8 billion in order to increase bilateral cooperation and economic growth.

As part of the deal, cooperation in areas including telecommunications, finance, food and consumer industries and tourism is taken into account, reports.

Spanish bank Banco Santander (SAN.MC), Zara and Chinese ecommerce company Alibaba Group have been present at the signing of the deal. Moreover, Huawei, a telecommunication equipment maker, has signed a cooperation agreement with Spanish telecommunications company Telefonic.

According to official data, China is the biggest trading partner of Spain outside of the EU. In 2013, bilateral trade totaled USD 24.9 billion with a 1.4% growth rate. From January to July 2014, it had reached USD 15.8 billion, growing at a rate of 14%. In 2014, up to the month of August, foreign direct investment from Spain into China amounted to nearly USD 167 million according to the China-centric data and information provider CapitalVue.

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Keywords: China, Spain, USD, deal, Boost, cooperation, increase, economic growth, Development, agreement, cross-border
Categories: Payments & Commerce
Countries: World
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