On Saturday, Chinese Foreign Minister Wang Yi and his Iranian counterpart Mohammad Javad Zarif signed a 25-year strategic cooperation agreement. The deal is expected to see Iran become a key part of China`s Belt and Road initiative, and for China to invest billions of dollars in Iran`s energy and infrastructure sectors.
The agreement, which has been in the works for several years, is seen as a significant development in the relationship between the two countries. Iran has long expressed a desire to expand its economic ties with China, which is now one of its biggest trading partners.
Under the terms of the deal, China will reportedly invest around $400 billion in Iran over the next 25 years. This will include investment in sectors such as energy, transportation, and telecommunications, as well as in developing Iran`s oil, gas, and petrochemical industries.
In return, Iran has agreed to supply China with a steady stream of oil, which will help to secure China`s energy needs. China is currently the world`s largest importer of oil, and the agreement with Iran is expected to help reduce its dependence on oil from other sources.
The agreement has been met with some criticism, with some experts questioning whether Iran will be able to deliver on its promises to China. Others have raised concerns about the impact of the deal on regional stability, particularly given the ongoing tensions between Iran and the United States.
Despite these concerns, the signing of the agreement marks a significant shift in the balance of power in the region. As China`s global influence continues to grow, it is likely that we will see further developments in its relationship with Iran, and in its larger strategy for the Middle East.