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Human Services

E3 underlines delivering 1st INSTEX transaction

London, Ambassadors of the UK, Germany and France in a statement stressed delivering the first transaction of the Instrument in Support of Trade Exchanges (INSTEX).

"The British, French and German Ambassadors to Iran welcomed representatives from INSTEX and E3 technical experts to Tehran this week for discussions with the relevant Iranian experts and counterparts," the statement reads.

It added: These discussions, funded by the EU TAIEX instrument, have helped to advance our collective efforts to ensure trade with Iran that is compliant with EU and international law can continue, including through the special purpose vehicle INSTEX.

INSTEX was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on January 1.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been appointed for six months long to run it.

The E3 diplomats went on to say: We understand the economic pressure the Iranian people are facing.

We are committed to working with Iran to deliver INSTEX's first transaction as quickly as possible. Expert exchanges of this nature are the best way to move us closer towards delivering on our shared goal to facilitate legitimate trade and economic relations with Iran, European envoys said.

They noted: In light of the above, both sides have agreed a roadmap to expedite progress.

Earlier, Iranian ambassador to the UK Hamid Baeidinejad warned that US will paralyze INSTEX by adopting countermeasures in a bid to thwart the EU diplomacy.

In his Twitter message which was released on Tuesday, Baeidinejad expressed hope for all to be aware of the fact that US economic terrorism against Iran posed the biggest threat to Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) and the regional security.

US media 'Bloomberg' reported on Monday that the US is reviewing sanctions on the parallel mechanism of INSTEX in Iran.

The parallel INSTEX mechanism was established on April 22.

"The Trump administration is weighing sanctions against the Iranian financial body set up as a gobetween for humanitarian trade with Europe, a move likely to severe the economic and humanitarian lifeline that France, Germany and the UK have sought to create for Tehran," Bloomberg said.

Meanwhile earlier, High Representative of the Union for Foreign Affairs and Security Policy Federica Mogherini reiterated Europe's adherence to the full implementation of the JCPOA, saying that INSTEX will get to run and have the first transactions hopefully in the next few weeks.

She also called on Iran to remain committed to the nuclear deal, saying, 'We continue to fully support the nuclear deal with Iran, its full implementation."

''It has been and continues to be for us a key element of the nonproliferation architecture both globally and in the region.''

Source: Islamic Republic News Agency IRNA


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