According to state television, Iran and China have signed a long-term cooperation agreement in Tehran.
According to the DPA news agency, the comprehensive agreement signed by Iranian Foreign Minister Mohammad Javad Zarif and his Chinese counterpart Wang Yi on Saturday aims to extend bilateral cooperation in various fields over the next 25 years.
The agreement provides for billions of dollars in Chinese investment in Tehran in exchange for Iran supplying oil to China at attractive prices. The proposals also include military cooperation.
Hassan Rouhani, Iran’s president, called cooperation with China “strategic” and said the new agreement would “further deepen” the relationship.
During his Saturday meeting with Wang Yi, he said, “We want China to be a big trading partner.”
Thanks to US sanctions levied in 2018, Iran is suffering a devastating economic crisis, which has been intensified by the coronavirus pandemic. With US President Joe Biden appearing reluctant to lift sanctions in the near term, Iran’s government has become more aligned with Russia and China.