India agreed to finance the development of the Iranian port Chabahar, on the Gulf of Oman, as a trading hub.
The International Monetary Fund's number two official told Iran that it faces a crucial opportunity to rebuild its economy and rejoin the global economy. However, with sanctions over its nuclear program lifted but tough US restrictions still in place on banking, IMF deputy managing director David Lipton said Tehran needs to take key steps, including taking action to stop money laundering and terror financing. Lipton said Iran faces a number of broad challenges, including the slower global economy and investor wariness of risks in emerging countries; low oil prices; a weak banking system; and the need for budget reform. He pointed to how China and countries in Latin America and Eastern Europe joined the global economy after long isolation to much success by undertaking significant reforms.
Iran's oil exports have surpassed 2 million barrels per day following the lifting of sanctions under its nuclear deal with world powers. Asian countries are the main clients.
The first train to connect China and Iran arrived in Tehran on Monday loaded with Chinese goods, reviving the ancient Silk Road, the Iranian railway company said. The train, carrying 32 containers of commercial products from eastern Zhejiang province, took 14 days to make the 9,500-kilometre (5,900-mile) journey through Kazakstan and Turkmenistan.