Chinese President Xi Jinping and his Iranian counterpart, Hassan Rouhani agreed to a deal that calls on China to provide financial aid for the development of a high-speed railway in Iran.
The planned railway is to connect Tehran and the northeastern city of Mashhad, Iran’s second-largest city, along a route of about 900km. China is to undertake the project as part of Xi’s „One Belt, One Road” initiative, meant to create a trade corridor between China and Europe. The agreements also confirm that the two countries will cooperate on the Chinese initiative.
The deal was among 17 agreements on economic and technological cooperation that the two leaders signed in Tehran.
President Rouhani said that Tehran plans to significantly increase trade with China in the next 10 years to USD600 billion from around USD52 billion in 2014, according to the Iranian Foreign Ministry.
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