China’s $400 billion deal with Iran: what does it mean for Iran and the region?
On the one hand, Iran is at loggerheads with Israel and Saudi Arabia. On the other hand, under scrutiny for its nuclear programme. Iran signed a Mega Deal with China with $400 Billion, changing the Middle East Geo-Politics.
The Iranian Foreign Minister Javad Zarif and Chinese Foreign Minister Wang Yi signed this Mega Deal in Tehran last Saturday. Chinese Foreign Minister met with all key stakeholders of the deal, including President Hassan Rouhani. This is a comprehensive agreement. Tehran and Beijing have not shared the details of the contract yet. Reports say – it is broadly based on an 18-page draft that had leaked last year.
Thus, China will invest $400 billion in Iran. This agreement will be spread out over the next 25 years. Where is the money likely to go? Banking, telecommunications, railways, healthcare and information technology, ports. China will invest across all these sectors. What does it get in return? Oil. A lot of oil? Iran is the world’s fourth-largest oil producer. It holds 10 per cent of the entire world’s proven oil reserves. And China will receive a “regular and heavily discounted” supply of Iranian oil. It’s a win-win situation for both countries.
Notably, both China and Iran face sanctions from America. So they’ve signed this deal. And it goes beyond the economy. This is a long term strategic pact.
The last year’s draft had indicated a military relationship between – Iran and China. It had called for “deepening China – Iran defence cooperation”. This included joint military training, exercises, joint research, weapons development and intelligence sharing. Thus, going by the words of the Iranian foreign ministry spokesman, this is a “complete roadmap”. It details how Iran’s relationship with China could evolve in the next 25 years. The agreement itself is worth 400 billion dollars. It brings Iran into China’s Belt and Road Initiative.
Both Countries are already working together on various fronts. One is oil: As China imports more than 300,000 barrels of Iranian oil every day. With this agreement, China will import more. The second area is technology. Earlier, the Swedish company Ericsson was building Iran’s 5G network. It had to exit because of sanctions. Guess who entered? Chinese tech giant Huawei. It has replaced western companies in Iran. It is shipping American-made computer equipment to Iran. It is said to be running a local franchise. And it is developing Iran’s 5G network. The cooperation is set to expand more.
China is making fastidious inroads into Western Asia. Before landing in Tehran, the Chinese foreign minister had already visited Turkey and Saudi Arabia. After Iran, he visited the United Arab Emirates and Oman as well. This deal with Iran has come as yet another reminder of China’s great game in West Asia after the Belt and Road Initiative (BRI Project). And in some aspects, it outflanked Western influence because the Chinese outreach has been arguably precise and attentive.
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