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