The deal was the first time Iran has signed such a lengthy deal with a major world power. In 2001, Iran and Russia signed a 10-year cooperation agreement, mainly in the nuclear field, which was extended by two extensions from five years to 20 years.
Before the ceremony on Saturday, Yi met Iranian President Hassan Rouhani and an Iranian special envoy in charge of the Ali Larijani deal.
Saeed Khatibzadeh, spokesman for the Iranian Foreign Ministry, called the agreement on Friday “profound, multi-layered and full-fledged”.
The agreement, which has been discussed since 2016, also supports tourism and cultural exchange. It is the 50th anniversary of the establishment of diplomatic relations between China and Iran.
The two countries enjoyed good relations and both participated in a joint naval exercise with Russia in the northern Indian Ocean in 2019.
Iran and China have reportedly been trading around $ 20 billion annually for the past few years. However, that’s a drop of nearly $ 52 billion in 2014 as oil prices fell and U.S. sanctions were imposed in 2018 after then-President Donald Trump unilaterally removed the U.S. from a nuclear deal between Iran and world powers pulled out had renegotiated.
Iran has pulled back from the restrictions imposed under these sanctions under the agreement to put pressure on the other signatories – Germany, France, Britain, Russia and China – to create new economic incentives to offset US sanctions.