China, Iran to sign 25-year accord: Reports
Story highlights
The accord will reportedly include include provisions for Chinese investments in Iran’s energy and infrastructure sectors
Iran and China are set to sign to a 25-year cooperation agreement, state news IRNA said. Chinese Foreign Minister Wang Yi is in Iran and both the countries may sign the deal soon, given both are facing sanctions by US.
The accord will reportedly include include provisions for Chinese investments in Iran’s energy and infrastructure sectors. China is Iran’s largest trading partner and a long-time ally. In 2006, the country agreed to improve bilateral trade by more than 10 times to $600 million in the next 10 years.
"The signing of the comprehensive cooperation programme of the Islamic Republic of Iran and the People's Republic of China by the foreign ministers of the two countries is another programme of this two-day trip," state news agency IRNA announced. Iran is taking steps to distance from the US and European countries.
"This document is a complete roadmap with strategic political and economic clauses covering trade, economic and transportation cooperation ... with a special focus on the private sectors of the two sides," Iran’s Foreign Ministry spokesman Saeed Khatibzadeh said to local media.
China’s commerce ministry on Thursday said that Beijing is making efforts to preserve Iran nuclear deal, and to preserve the interests of both the countries.
Iran has “indirectly” moved record amount of oil into China recently, Reuters earlier reported. But official records show no exchange of oil to have taken place in the first two months of 2021.
US President Joe Biden is attempting to revive talks with Iran on the nuclear pact which was abandoned by former President Donald Trump in 2018. But harsh sanctions remain in place, and Iran says no talks are possible until they’re lifted.