Iran and China Sign 25-Year, $400 Billion Economic Accord

Iran and China have signed a 25-year economic cooperation accord. Under the agreement signed on Saturday, China agreed to invest $400 billion in Iran over 25 years, in areas such as the energy and infrastructure sectors, as well as military cooperation, in exchange for regular and discounted supply of oil to China from Iran.

Both countries are under economic sanctions imposed by the United States.

The countries also agreed to work together to fight “terrorism and extremism in the region.” They have had diplomatic relations for nearly 50 years.

Iran and China have cooperated during the coronavirus pandemic, including China donating 250,000 doses of its Sinopharm vaccine to Iran last month.