Chinese Foreign Minister Wang Yi proposed the formation of a new multilateral forum to de-escalate tensions in the Middle East, international news agencies reported yesterday.
His remarks came during a meeting with his Iranian counterpart Mohammad Javad Zarif in China's southwestern city of Tengchong on Saturday.
In a statement, China's Foreign Ministry said: "China proposes to build a regional multilateral dialogue platform with equal participation of all stakeholders."
According to the statement, the forum would "enhance mutual understanding through dialogue and explore political and diplomatic solutions to security issues in the Middle East."
Following the talks, Zarif said he held "fruitful" talks with Wang which rejected "US unilateralism" and focused on strategic ties and collaboration on the development of a coronavirus vaccine.
Tehran Times said that Iran and China are negotiating over the 25-year partnership plan that, if finalised, would increase cooperation between Tehran and Beijing to an unprecedented level, especially in the oil and gas sector.
According to the paper, details leaked to the press stated that China will invest a whopping $400 billion in various Iranian sectors including oil and gas. In exchange, Iran will ensure steady energy supplies to China for a period of 25 years at a discounted rate.