China-Iran Agreement

China-Iran Agreement

Part of: Prelims and GS-II International Relations

Context China would begin implementing a strategic agreement with Iran, strengthening economic and political cooperation between the two countries as China condemned USA’s sanctions on Iran.

Key takeaways 

• China and Iran signed the agreement with the wide-ranging partnership set to span areas including energy, security, infrastructure and communications.
• China is Iran’s leading trade partner and was one of the biggest buyers of the country’s oil before then-U.S. president Donald Trump reimposed sweeping unilateral sanctions in 2018.
• China has officially stopped importing oil from Iran, but analysts say Iranian crude is continuing to enter the country disguised as imports from other countries.

Vienna talks

• The agreement is also significant because talks continue in Vienna over a potential deal to halt Iran’s development of nuclear weapons.
• A 2015 deal — agreed by Iran, the U.S., China, Russia, Britain, France and Germany — offered Iran sanctions relief in exchange for curbs on its nuclear programme.
• But the U.S. withdrew from the agreement in 2018, reimposing biting sanctions and prompting Iran to begin rolling back on its commitments.

News Source: TH