Iran Press/Iran news: The fresh round of expert talks between Iranian experts and representatives from France, Germany, UK and EU is about the implementation of the EU’s trade mechanism for Iran called the Instrument in Support of Trade Exchanges (INSTEX).
INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass US sanctions, Mehr News Agency reported.
In this meeting, the latest status of INSTEX and its corresponding institution in Iran will be discussed by expert delegations from Iran, France, Germany, UK and the EU.
The Tuesday meeting will also cover discussions on ways of cooperation between the two institution, how businesses will be using the trade mechanism, and a review on the next steps aimed at expanding the area of activities within INSTEX to other trade and related fields.
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The meeting will be attended by representatives of the Iranian Ministry of Foreign Affairs and other ministries and related organizations, as well as representatives of the political and economic sectors of the European Union and the INSTEX's president, Per Fischer.
Meanwhile, French Embassy to Iran announced arrival of Director of INSTEX Per Fischer in Tehran late on Monday, adding that he held talks with head of German, French and British representative offices in the capital.
Head of the trio’s missions welcomed Per Fischer, whose visit to Tehran is a major step for discussing operationalizing the trade mechanism between Iran and Europe.
On January 31, foreign ministers of Germany, France and Britain declared that the official payment channel of Iran and EU was registered as the Instrument in Support of Trade Exchanges (INSTEX).
The mechanism will initially cover foodstuff and medicine, but its range will broaden gradually.
The special purpose vehicle (SPV) is part of the EU’s efforts to encourage Iran to remain in the nuclear deal following the unilateral withdrawal of the US back in May, by offering an alternative payment channel to keep trade flowing with Iran in defiance of US sanctions. 104
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