Iran Press/Iran news: Iranian Deputy Foreign Minister Seyyed Abbas Araghchi said Europe should take into serious consideration the implementation of its trade mechanism with Iran dubbed the Instrument in Support of Trade Exchanges (INSTEX).”
Araghchi made the remarks after Joint Comprehensive Plan of Action (JCPOA) joint commission meeting, was held in Austrian capital Vienna on Wednesday, Mehr News Agency reported.
The meeting was co-chaired by Araghchi and European External Action Service Helga Schmid, with deputy foreign ministers of Germany, UK, France, Russia and China in attendance, which lasted for five hours.
In this joint commission meeting, European countries involved in the talks presented detailed explanations on EU trade mechanism with Iran entitled “INSTEX”.
Ever since, the sides to the JCPOA have been trying to come up with initiatives and mechanisms to compensate for the US’ withdrawal from the agreement, he said.
The eleventh meeting of the Joint Comprehensive Plan of Action (JCPOA) joint commission kicked off in Vienna on Wednesday.
After US pullout from the JCPOA, expert-level meetings were held between E3+2 and Iran in Brussels and New York and all parties involved in the talks vowed to continue cooperation with Iran in the financial field, guaranteeing to sell Iranian oil, gas and petrochemicals, etc.
Iran’s top nuclear negotiator added, “also, it was agreed to set up working groups in the fields of trade, energy, transport, financial-banking issues, so that other commitments of European countries involved in the talks would be implemented gradually.”
On Jan. 31, the European Union announced the launch of a long-awaited direct payment mechanism meant to safeguard their trade ties with Tehran in the face of US sanctions. 104
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