TEHRAN- China was Iran’s top trade partner in the first half of the current Iranian calendar year (March 20-Septemebr 22).

As reported, the value of non-oil trade between the two countries stood at $15.7 billion in the mentioned six-month period.

Iran exported non-oil commodities worth $7.2 billion to China in the first half, and China’s export to Iran stood at $8.5 billion during the mentioned time span.

In a meeting between Iranian Minister of Finance and Economic Affairs Abdolnaser Hemmati and Chinese Minister of Finance Lan Fo’an, the two sides emphasized the implementation of the two countries’ long-term strategic partnership plan.

Hemmati met with Fo’an on the sidelines of the 9th ministerial meeting of the Asian Infrastructure Investment Bank (AIIB) members in Samarkand, Uzbekistan on September 24.

In addition to the issues related to the cooperation of the two countries in AIIB, the two sides discussed the most important issues related to bilateral relations, especially the follow-up of the results of previous agreements.

Holding the two countries’ Joint Economic Committee meeting in the new future was another topic discussed by the two officials.

In this meeting, the ministers of the two countries emphasized that Iran and China have put a more serious and deeper implementation of the comprehensive long-term strategic plan of the two countries on their agenda and will continue this path in the official interactions of the two countries until concrete practical achievements are reached.

Iran and China officially signed the document for 25-year comprehensive cooperation in March 2021.

The document was signed between Iran’s former Foreign Minister Mohammad Javad Zarif and Chinese Foreign Minister Wang Yi at the Iranian Foreign Ministry.

Back in December 2022, Iran and China finalized 16 memorandums of understanding (MOU) under the framework of the two countries’ strategic 25-year agreement.

The MOUs were signed in an Iran-China comprehensive cooperation program summit which was held in Tehran on December 13 in the presence of Iran’s former First Vice President Mohammad Mokhber and China’s Vice Premier Hu Chunhua.

The summit was focused on four areas explored by four committees between the two countries with the aim of paving the way for the implementation of the 25-year agreement.

Iran and China also signed 20 memoranda of understanding in the presence of the presidents of the two countries in Beijing in mid-February, 2023.

Heading a high-ranking delegation, Iran’s late President Ebrahim Raisi was on a three-day state visit to China starting February 14.

During President Raisi's visit to China, Tehran and Beijing signed a number of bilateral cooperation documents in the fields of agriculture, trade, tourism, environmental protection, health, disaster relief, culture, and sports.

The documents include agreements in the field of transportation and industry worth $12 billion and $3.5 billion, respectively; the agreements cover various joint projects like the high-speed rail link between Tehran and Mashhad, and investment in the Imam Khomeini Airport City.

Investment in Iran's southeastern Mokran Coast and the purchase of Iranian oil were also mentioned in the documents.

Raisi's visit served as an example of the high level of mutual trust between China and Iran, as well as a milestone for bilateral ties.

Then in mid-July, 2023,  the agreements signed between Iran and China during President Raisi’s trip to Beijing in mid-February were turned into specified projects during the two countries’ joint cooperation committee meeting, the Iranian finance and economic affairs minister announced.

Then in early November last year, Iran’s former Finance and Economic Affairs Minister Ehsan Khandouzi said the 25-year strategic partnership plan between Iran and China had entered a new phase with new agreements being reached between various ministries of the two countries.

According to Khandouzi, the mentioned agreements had been reached between the two sides during the visit of Iran’s delegation to the 6th China International Import Expo (CIIE).

“Specific projects were defined between the government departments of the respective ministries of Iran and China, and agreements were reached on the details of the implementation of the mentioned projects,” Khandouzi said.

Regarding the private sectors of the two countries, some Iranian companies operating in China and some large Chinese companies operating in Iran faced obstacles, which were discussed and resolved by the relevant authorities, he explained.

“We are going to witness a significant growth in economic cooperation and investment between the two sides with the implementation of these projects,” the minister noted.

And in late August this year, the head of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) called for the implementation of the Iran-China 25-year strategic agreement in a meeting with China’s Ambassador to Tehran Cong Peiwu.

In the meeting, Samad Hassanzadeh emphasized the need to implement the provisions of the 25-year agreements between the two countries and said: “Iranian economic operators will be present at the China import exhibition that will be held in November.”

Noting that Iran and China can cooperate in various fields, Hassanzadeh stated: “There are suitable areas for cooperation including maritime transport and economic and commercial infrastructure.”

According to the ICCIMA head, Iran will have a strong presence at China’s Import Exhibition which is going to be held in November, because this exhibition provides an opportunity for Iranian businessmen to get to know the possibilities and ways of cooperation with China.

Mentioning the beginning of the work of the 14th government in Iran and the changes that have occurred, Hassanzadeh said: “Iran’s new president can add more depth to the economic and commercial relations between Iran and China. He has a special focus on international relations and believes that efforts should be made to implement all the provisions of the agreement between Iran and China.”

He also emphasized joint investment between the two countries and said: “Iran and China have high capabilities in the petrochemical, gas, oil, automotive, space, etc., and should have joint investments in such fields.”

Hassanzadeh further suggested that Iran needs investment in the downstream sector of ??copper industries and China can invest in this sector.

He also said there are such capacities in the aluminum sector and power plant construction.

The Chinese ambassador for his part, referred to the unilateral sanctions and economic pressures that are being imposed on Iran, saying: “Despite all these problems, Iran's economy is moving forward with high power because there are professional economic experts who drive the economy.”

Referring to his meeting with Iran’s new president, he described what was discussed in this meeting as hopeful.

According to Peiwu, Iran and China can improve the level of their relations within the framework of the economic and political approaches of both countries.

He further emphasized the favorable economic situation of his country and the development of its trade exchanges, saying: “China has been able to increase its production with more added value and at the same time move towards green production with higher quality and a significant reduction in energy consumption. Therefore, the cooperation between Iran and China can now have significantly better results.”

Also speaking at the meeting, Hamed Asgari, the ICCIMA deputy for International Affairs pointed to the capabilities of the Iran-China joint chamber and suggested that the two sides should prepare a measurable and targeted roadmap based on the 25-year agreements concluded between Iran and China, and with continuous follow-up, ensure the implementation of the provisions of the agreement.

“To this end, it is necessary to hold meetings between the head of the Iran-China joint chamber and the commercial advisor of the embassy in order to identify and remove the obstacles in this direction,” Asgari said.

MA