NEW YORK, June 6 (Xinhua) -- China Eastern Airlines Tuesday signed a global strategic cooperation framework agreement with the law firm Baker McKenzie, in a bid to further expand its operations overseas.
Under the agreement, Baker McKenzie will continue providing legal counsel and services to China Eastern as the latter carries out its internationalization strategy, said Tang Bing, deputy general manager of China Eastern Airlines.
Tang said the company faces challenges and risks doing businesses overseas and being able to understand business ethics, principals, regulations and laws of other countries is essential for the company's success.
Jim Colihan, managing partner of Baker McKenzie's New York office, said Baker McKenzie is honored to partner with one of the world's leading airlines.
The law firm has a China team that includes partners, associates and professionals from 77 offices in 47 countries, according to Colihan. The team focuses on helping Chinese companies from all industries and sectors navigate the legal regulatory and cultural landscape around the world.
"While we continue to face political and regulatory uncertainties in the U.S. and around the world, we see opportunities for leading Chinese companies to grow and innovate outside their home markets," said Colihan.
He added that Baker Mckenzie's recent report with Rhodium Group saw a surge of Chinese foreign direct investment in North America and Europe, and such surge was highlighted by continued influence of globalization and rapid development for China's economy.
China Eastern Airlines is one of China's three flagship carriers, with a fleet of over 600 aircraft. Its revenue reached 15 billion U.S. dollars last year, 40 percent of which came from the international market.
By 2020, China Eastern expects to reach a fleet size of 822, and 150 million of passenger turnover, according to Tang.