News ID: 238821
Published: 0333 GMT February 13, 2019

Iran-Australia trade commission set up

Iran-Australia trade commission set up

A trade commission of Iran and Australia was formed and experts from Australia have traveled to Tehran for the purpose, said the Australian ambassador to Iran.

"We are waiting for positive changes for cooperation," Ian Biggs was quoted as saying by ILNA.

The Australian ambassador announced that Australia is supporting the nuclear deal since the agreement is accepted by the UN Security Council.

"After the implementation of JCPOA, Australia, like many other countries in the world, was very pleased for lifting the sanctions on Iran, and at the same time, we saw both the qualitative and quantitative expansion of the two countries' trade relations," Biggs said.

The diplomat said that Australia's position was to support Iran's nuclear deal since the agreement was accepted by the UN Security Council. "Although there are currently some difficulties, the Australian Government has been seriously looking for innovative solutions for maintaining trade with Iran."

Referring to the launch of INSTEX by E3, he said, "We do not have much detail about this mechanism now, because this is a matter for these European countries and should be announced by them, but anyway, we hope that economic relations between Tehran and Canberra will continue."

On January 31, three European countries — France, Germany and the UK (known as E3) — officially announced the creation of the Instrument in Support of Trade Exchanges (INSTEX), a special purpose vehicle, to allow them bypass US sanctions on trade with Iran.

INSTEX facilitates non-dollar trade with Iran, allowing European companies to trade with the Islamic Republic without being hit by sanctions.

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