(Yicai Global) Jan. 10 -- China and France signed agreements on a series of economic and trade cooperation projects during French President Emmanuel Macron's state visit. Spring Airlines Co. and French Safran yesterday penned an aircraft engine purchase agreement worth USD2.9 billion in what is billed as one of the biggest economic and trade cooperation contracts between the two countries.

Spring Airlines purchased 60 Airbus A320 NEO models from French Airbus Group, and these models will be delivered between 2019 and 2023. After prudent negotiations on model selection, Spring Airlines eventually decided to adopt the LEAP-1A engine produced by CFM International for the Airbus A320 NEO series, reported online media Cannews.com. CFM International is a joint venture equally owned by French Safran [EPA:SAF] and the US General Electric [NYSE:GE] company.

Under the contract, Spring Airlines will order 126 LEAP-1A engines. Both sides also inked a 10-year engine-hour repair service agreement. The list price of the contract is about USD2.9 billion.

Spring Airlines said its cooperation with CFM International marks deepening economic and trade cooperation and exchanges between China and France. This cooperation will also provide momentum for the future development of Spring Airlines, which currently has 82 airplanes, over 200 domestic and international air routes, and 10 operation bases at home and abroad, the company added.