Iran and China signed a broad agreement on economic and security cooperation, challenging U.S. attempts to isolate Iran and advancing Tehran’s long-standing efforts to deepen diplomatic ties outside Western powers.
Foreign Ministers Javad Zarif and Wang Yi signed on Saturday what both parties propose as a “strategic partnership” that will last 25 years. The agreement, which had been in place for five years, was signed in Tehran.
Details of the deal were not released immediately, but a draft of the deal distributed last year included Chinese investments in projects ranging from nuclear power, ports, railways and other infrastructure to technology transfer. military and investment in the Iranian oil and gas industry. .
In return for the investments, China would receive steady supplies of Iranian oil, Iranian semi-official Tasnim news agency said on Saturday, adding that the two countries also agreed to establish an Iranian-Chinese bank. This bank could help Tehran evade US sanctions that have effectively banned it from global banking systems.
“This cooperation is a basis for Iran and China to participate in major infrastructure projects and development,” including the Beijing Belt and Road initiative, Iranian President Hassan Rouhani said Friday before the signing, referring to China’s vast investment and development strategy.