Chongqing - The China (Chongqing) - Iran Forum for Global Economic and Trade Cooperation took place in Chongqing, Southwest China, on October 17. Delegates from both nations discussed cooperation and investment opportunities in Iran.

During the forum, five business procurement agreements were signed between China and Iran, valued at around 390 million yuan (about 53.35 million U.S. dollars), spanning sectors such as healthcare, food, and more.

Additionally, the forum unveiled the 2024 Annual Procurement and Supply List for Iranian Products. This list encompasses a variety of categories, including auto and motorcycle components, rail transit accessories, medical equipment, and so forth, with a projected value of 250 million U.S. dollars.

Business procurement agreements were signed at the China (Chongqing) - Iran Forum for Global Economic and Trade Cooperation. (Photo/Chen Zhan)

BRI propelled China-Iran collaborations

At the forum, Tashakori Hashemi, Member of Government Approval Executive Committee, the Islamic Consultative Assembly, and Senior Member of Tehran City Council, emphasized the significance of the Belt and Road Initiative (BRI). He noted that it has greatly propelled China-Iran collaborations.

"Chongqing boasts a robust industrial base," Hashemi remarked. "I'm eager to see more enterprises from Chongqing collaborate with Iran, especially in areas like vehicle manufacturing, sustainable transportation, and smart city developments."

Zhao Shiqing, Vice Chairman of the Standing Committee Chongqing Municipal People's Congress, echoed these sentiments, highlighting the continuous relationship between Chongqing businesses and their Iranian counterparts. "Products crafted in Chongqing are well-received in the Iranian market," he observed.

Zhao perceives Iran as a pivotal developing nation in the Middle East, strategically positioned with its unique geography and central role. He is optimistic that, under the BRI framework, China and Iran will forge a path towards a brighter shared future.

Trade between China and Iran in 2022. (Graphics/Chen Zhan)

China's pivotal role in Iran's trade dynamics

For the past decade, China has consistently been Iran's top trade partner. Recent data reveals that trade between China and Iran reached 15.8 billion U.S. dollars in 2022, a 7% increase from the previous year.

Furthermore, figures highlight China's pivotal role in Iran's trade dynamics, being its premier trade partner, top export market, and the second-largest source of imports.

Over the past few years, the two nations have seen a noticeable uptick in trade and economic interactions. They have collaborated extensively across a range of sectors, from infrastructure and energy to trade and technology.

For instance, China has significantly invested in Iran's oil and gas sectors, ensuring a steady stream of energy resources while assisting Iran in modernizing its aging energy infrastructure.

In 2021, further solidifying their ties, the two countries inked a 25-year agreement. This pact is designed to deepen their cooperation across various domains, emphasizing both economic and cultural synergies and setting a course for long-term collaboration.