Iran-China deal challenges Biden’s efforts to weaken Beijing: Bloomberg analysis
The “Comprehensive Strategic Partnership” deal signed over the weekend between Iran and China marks a new alliance between the two countries that would weaken US government’s policies to pressure Beijing, says an analysis by the Bloomberg.
“The latest alliance between Beijing and Tehran is a challenge to US President Joe Biden’s administration as it sets about trying to rally allies against China,” read part of the analysis published on Sunday as it discussed the broad geopolitical ramifications of the 25-year agreement signed between Iranian and Chinese foreign ministers in Tehran a day earlier.
It also highlighted the fact that deeper economic ties with China would enable Iran to strengthen its economy and to resist against sanctions imposed by the United States.
The analysis said that getting closer to China is a signal to Washington that Iran would not wait too long for the Biden administration to lift a harsh regime of sanctions imposed by his predecessor Donald Trump nearly three years ago when the US government pulled out of an international agreement on Iran’s nuclear program.
“Lured by the prospect of cheaper prices, China has already increased its imports of Iranian oil to around 1 million barrels a day, eroding US leverage as it prepares to enter stalled talks with Tehran to revive a nuclear deal,” it said.
After some five years of intensive talks, Iran and China have agreed to a massive economic partnership contract that many believe would benefit the two countries in the long-run.
Under the deal, China would invest over $400 billion in Iran’s energy, infrastructure and manufacturing sectors, among others, while Iran in return would ensure a stable supply of crude to Beijing over the period of the deal.
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