It's actually more than that, it means that they plan on increasing bilateral trade and economic ties in a massive way such that the old sanctions will become increasingly obsolete as they will simply develop more and more ways of circumventing them.

In effect the sanctions will still be there (because it's virtually impossible to lift Security Council sanctions ever as the West has veto power) but they will be an empty formality. Make no mistake, these developments that we're seeing are HUGE.