Comprehensive Strategic Partnership: Iran, China sign 25-year strategic deal

Iran and China on Saturday signed a 25-year strategic cooperation agreement addressing economic issues amid crippling US sanctions on Tehran.

According to Iranian state media, the agreement, dubbed the Comprehensive Strategic Partnership, covers a variety of economic activity from oil and mining to promoting industrial activity in Iran, as well as transportation and agricultural collaborations, according to the report.

No additional details of the agreement were revealed as Iran’s Foreign Minister Mohammad Javad Zarif and Chinese counterpart Wang Yi took part in a ceremony marking the event.

The New York Times reported that China will invest some $400 billion in Iran in exchange for oil as part of the deal. The two countries will also step up military cooperation with joint training, research and intelligence sharing, the report said.

China is Iran’s leading trade partner and was one of the biggest buyers of Iranian oil before then US president Donald Trump reimposed sweeping unilateral sanctions in 2018 after abandoning a multilateral nuclear agreement with Tehran.

The deal signed Saturday could undermine US leverage over Iran ahead of expected negotiations and lessen American influence in the Middle East. Ongoing US sanctions against Iran could hamper its trade with China despite Saturday’s agreement, however.