Iran and Egypt have signed the first agreement since former Egyptian President Hosni Mubarak stepped down on February 11. Iran-Egypt Council of Merchants Chairman Muhyaddin Al-Gandur said agreement was signed between a number of Iranian and Egyptian tourism agencies to start bilateral cooperation on the exchange of tourists. According to the agreement, 10,000 Iranian nationals will be allowed to visit Egypt every month, while 60,000 Egyptians will be allowed to travel to Iran annually. The agreement will be implemented as soon as the two countries exchange ambassadors.1

However, Iranian minister of economic affairs and finance, Shamseddin Hosseini said Iran and China will establish a “joint oil and gas committee” to accelerate the execution of energy projects between the two countries. He said that the aim of forming this committee is to speed up projects execution and to develop the Sino-Iranian ties in the field of energy. The Iranian minister also added that the formation of the Iran-China joint oil and gas committee was stressed in a memorandum of understanding on trade and economic cooperation that was signed between Tehran and Beijing on April 21. Iran is currently China's third largest supplier of crude oil, providing it with roughly 12 percent of its total annual oil consumption -- nearly one million barrels per day. The volume of Iran's trade with China stood at about $30 billion in 2010, up from $400 million in 1942.2

• 1. “Iran, Egypt ink first agreement since Mubarak’s ouster,” Tehran Times, April 23, 2011, at http://www.tehrantimes.com/index_View.asp?code=239195
• 2. “Iran, China to form joint oil, gas committee,” Tehran Times, April 23, 2011, at http://www.tehrantimes.com/index_View.asp?code=239183