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A Chinese foreign ministry spokesperson, Mao Ning, emphasized China’s respect for Panama’s sovereignty and the Panama Canal’s status as a neutral international waterway. Responding to U.S. President Donald Trump’s comments about “retaking” control of the Canal, China reiterated its non-involvement in its management and affirmed Panama’s control. Mao’s remarks align with Panamanian President Jose Raul Mulino’s assertion that no major power controls the Canal. China’s position seeks to strengthen diplomatic relations and promote stability, highlighting the Canal’s critical role in global trade and the importance of respecting national sovereignty amidst geopolitical tensions.
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Iran’s economy is facing severe challenges marked by significant currency fluctuations, prompting increased parliamentary scrutiny. The minister of economy has been summoned for questioning, with potential impeachment proceedings looming. The Iranian rial has plunged to a historic low, exceeding 780,000 rials per US dollar, losing nearly 50% of its value in under a year. Contributing factors include political instability, regional conflicts, and military actions affecting Iran’s defenses. The currency crisis has led to rising inflation, increased operating costs for businesses, and job losses, intensifying public discontent. Urgent reforms and engagement with international partners are needed to stabilize the economy.
In a meeting between Bahman Abdollahi, head of the Iran Chamber of Cooperatives, and Chinese Ambassador Cong Peiwu, both emphasized the enduring strategic partnership between Iran and China. They discussed opportunities for collaboration in various sectors, including modern irrigation technologies and petrochemicals, and proposed establishing a joint committee to coordinate projects and trade missions. Abdollahi highlighted the resilience of Iran’s cooperative sector, which includes over 104,000 cooperatives, as a means to enhance economic ties. Current trade between the two nations stands at approximately $14 billion, with potential for significant growth through strengthened partnerships amid ongoing sanctions.
During the Shanghai Cooperation Organization (SCO) Summit in Tianjin, China, Ali Madanizadeh, chairman of the Iran-China Joint Economic Cooperation Commission, emphasized the need for enhanced economic collaboration between Iran and China. He highlighted that organizations like SCO and BRICS serve as alternatives to unilateralism, fostering mutual growth. Iran’s Ambassador to China, Abdolreza Rahmani Fazli, stressed the importance of high-level engagement and increasing bilateral trade for economic development. The summit discussions included investment opportunities, potential trade agreements, and cultural exchanges, indicating a promising future for Iran-China relations and economic cooperation amidst shifting global trade dynamics.
A significant session aimed at enhancing collaboration between Iran and Russia, chaired by Iran’s Oil Minister Mohsen Paknejad and Russia’s Energy Minister Sergei Tsivilyov, is forthcoming. Expert-level meetings will tackle existing challenges and draft a roadmap for future cooperation, alongside a memorandum of understanding. Key topics include energy projects, trade relations, banking, transportation, customs, industry, agriculture, health, culture, and technology. This session builds on a strategic partnership treaty signed in January 2024 and a free trade agreement with the Eurasian Economic Union approved in February. The outcomes are expected to strengthen bilateral ties and promote economic growth.