Seventeen accords, including a strategic cooperation agreement, were signed between the two sides on Saturday.
Xi is the first leader to visit Iran after international sanctions were lifted on January 16 under a nuclear deal reached with world powers, including China.
“The visit to Iran is aimed at securing ‘early bird’ advantages ahead of western competitors,” wrote Hong Kong-based newspaper the South China Morning Post.
Ambitious Trade Target
China has been Iran’s top trade partner for six years in a row, with bilateral trade hitting a record $52 billion in 2014. It has also been the number one buyer of Iranian crude since 2011, when many countries, especially in the West, ramped up sanctions to strictly prohibit most forms of business with the country.
In 2015, Iran-China trade fell by 34% after key goods such as oil, gas condensates and iron ore lost much of their value.
“We are happy that President Xi visited Iran after the lifting of sanctions ... Iran and China have agreed to increase trade to $600 billion in the next 10 years,” Iran’s President Hassan Rouhani said at a news conference with Xi on Saturday.More....