Karimi & Associates Law Firm presents according to AP News:
Iran and China signed a 25-year strategic cooperation agreement addressing economic issues on Saturday amid crippling U.S. sanctions on Iran.
It is the first time Iran has signed such a lengthy agreement with a major world power, however, no additional details of the agreement were revealed.
The agreement aimed the Comprehensive Strategic Partnership, covering a variety of economic activity from oil and mining to promoting industrial activity in Iran, as well as transportation and agricultural collaborations. The deal, which had been discussed since 2016, also supports tourism and cultural exchanges. It comes on the 50th anniversary of the establishment of diplomatic relations between China and Iran.
Saeed Khatibzadeh, spokesman for Iran’s Foreign Ministry, on Friday called the agreement “deep, multi-layer and full-fledged.”
Reportedly, Iran and China have done some $20 billion in trade annually in recent years. That’s down from nearly $52 billion in 2014, however, because of a decline in oil prices and U.S. sanctions imposed in 2018 after then-President Donald Trump pulled the U.S. unilaterally out of a nuclear deal between Iran and world powers, saying it needed to be renegotiated.
The two countries have had warm relations and both took part in a joint naval exercise in 2019 with Russia in the northern Indian Ocean.