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Iran and China have signed a long-term cooperation agreement in Tehran, state television reported.
The comprehensive agreement signed on Saturday by Iranian Foreign Minister Mohammad Javad Zarif and his Chinese counterpart Wang Yi aims to expand bilateral cooperation in various fields over the next 25 years, the DPA news agency reported.
The deal paves the way for billions of Chinese investment in Tehran and, in return, Iran wants to supply Beijing with oil at favorable prices. Military cooperation is also part of the plans.
Iranian President Hassan Rouhani described the cooperation with China as strategic, saying the new agreement will further deepen this partnership. “We want China to be an important trading partner,” he said during his meeting with Wang Yi on Saturday.
Iran is facing a crippling economic crisis due to sanctions imposed by the United States in 2018, which have been exacerbated by the coronavirus pandemic. With US President Joe Biden apparently unwilling to lift sanctions in the short term, the Tehran government has aligned itself more closely with Russia and China.
–IANS
int / pgh
(Business Standard staff may have only modified the title and image of this report; the rest of the content is automatically generated from a syndicated feed.)
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