Iran's deputy FM says that the EU financial mechanism for trade with Iran, known as INSTEX will be discussed between Iranian and European diplomats in the coming weeks.

Iran Press/Iran news: Gholamreza Ansari made the remarks to the reporters on the sidelines of a meeting between Iranian diplomats and economic affairs' officials of the government ministries, held on Sunday in the Tehran.

After US withdrawal from the 2015 nuclear deal and re-imposing unilateral sanctions against Iran on 8 May 2017, EU countries vowed to set up a trade mechanism called INSTEX to secure Iran's economic interests and basic rights in accordance to the Joint Comprehensive Plan of Action dubbed as JCPOA.

Iranian deputy FM for Diplomatic Affairs Gholamreza Ansari said that because of the importance of INSTEX for Iran, the Foreign Ministry has set aside a special committee for the negotiations.

Ansari expresses the hope that the INSTEX negotiations will continue and probably conclude in the near future.

According to Gholamreza Ansari despite heavy pressure and sanctions, Iran's volume of trade with Europe in the first nine months of 2019 has reached more than $ 3.800 billion, of which $500 million is Iran's exports to Europe.

After a series of negotiations between Iran and EU officials to implement INSTEX, Iran declared that E3 can't secure Iran's interests in the economic frameworks and no practical measures have been undertaken to launch the mechanism.

On the same date, Iran notified its remaining partners in the deal that it would suspend the implementation of some of its commitments as a "wake-up call' to spur the European signatories to honor their end of the bargain.

Iran on 7 July announced more reductions in its commitments to the 2015 nuclear deal at the end of a 60-day ultimatum.

The spokesman for the Atomic Energy Organization of Iran (AEOI) said the country will enrich uranium more than 20% in the 3rd step of easing its commitments in the Joint Comprehensive Plan of Action (JCPOA).

The measure was taken in line with the Islamic Republic’s legal rights under Articles 26 and 36 of the JCPOA.

On October 10, 2019, The spokesman for the Atomic Energy Organization of Iran (AEOI) Behrouz Kamalvandi in a televised program explained further steps in reducing Iran's commitments under the nuclear agreement 2015 and saying the nuclear industry has served as a source of authority. 205

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