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But Iran’s proposal didn’t seem to get the direct endorsement of the group, a regional security body whose 10 members include close partners China and Russia, but also rivals India and Pakistan.

Last year, China invested just $1.54 billion in Iran—a paltry sum compared to the $3.72 billion it invested in the UAE or the $5.36 billion it invested in Saudi Arabia.

But Iran’s proposal didn’t seem to get the direct endorsement of the group, a regional security body whose 10 members include close partners China and Russia, but also rivals India and Pakistan.