Iran, China in $600b trade deal

• 17 accords signed including revival of ancient 'Silk Road'.

Iran and China agreed to expand bilateral ties and increase trade to $600 billion in the next 10 years, President Hassan Rouhani said on Saturday during a visit to Tehran by Chinese President Xi Jinping.

Xi is the second leader of a UN Security Council member to visit Tehran after the nuclear deal Iran struck with world powers last year. Russian President Vladimir Putin visited Tehran in November.

Iran emerged from years of economic isolation this month when the United Nations' nuclear watchdog ruled it had curbed its nuclear programme, clearing the way for the lifting of UN, US, and European Union sanctions.

"Iran and China have agreed to increase trade to $600 billion in the next 10 years," Rouhani said at a news conference with Xi broadcast live on state television."Iran and China have agreed on forming strategic relations (as) reflected in a 25-year comprehensive document," he said.

Iran and China signed 17 accords on Saturday, including on cooperation in nuclear energy and a revival of the ancient Silk Road trade route, known in China as One Belt, One Road.

Xi was quoted as saying by China's Xinhua news agency: "The China-Iran friendship... has stood the test of the vicissitudes of the international landscape."

The Chinese state-backed Global Times newspaper said in an editorial on Saturday that China hoped to improve ties with Iran as part of its sweeping plan to rebuild trade links with Europe and Asia and carve out new markets for its goods.

"China is of course considering its self interest in strengthening cooperation with Iran, especially at a time when China is in the midst of expending efforts to push forward the One Belt, One Road initiative, Iran is an important fulcrum," the paper said. 

- Reuters