China and Iran have signed a deal to chart the course of their economic, political, and trade relations over the next 25 years. Under the “Comprehensive Strategic Partnership,” Beijing plans to invest $400 bln in Iran and buy oil from the Islamic Republic.
The China-Iran deal will seek to boost private-sector collaboration and Iran’s role in Beijing’s flagship infrastructure and investment program, the Belt and Road Initiative.
China’s deal with Iran worsens ties with the US, already strained by Beijing’s imports of covertly-shipped Iranian crude.
Iran’s pact with Beijing drew criticism from many Iranians who accused President Hassan Rouhani’s government of selling the country to China.
Attracted by the prospect of lower prices, China has already raised its imports of Iranian oil to around 1 million barrels a day.
Iran’s closer integration with China may help shore up its economy against the US sanctions impact.
Iran also discussed the nuclear deal with China.
US President Joe Biden is open to reengaging with Iran after Donald Trump abandoned the accord about three years ago and re-imposed economic sanctions.
The China-Iran deal has been in the works since 2016 when President Xi Jinping became the first Chinese leader to visit the Iranian capital in over a decade.
