News ID: 251651
Published: 0246 GMT April 19, 2019

Envoy: Iran seeking to operationalize INSTEX-like mechanisms

Envoy: Iran seeking to operationalize INSTEX-like mechanisms

National Desk

Iran’s Ambassador to London Hamid Baeidinejad said Iran is seeking to operationalize mechanisms similar to the one introduced by the European Union in a bid to help boost its economic ties with the world.

Baeidinejad tweeted on Thursday that Iran has not limited the development of economic ties to the EU’s proposed financial mechanism, the Instrument in Support of Trade Exchanges (INSTEX) that would allow EU entities of doing business with Iran, bypassing the US sanctions reimposed on Iran following the Washington’s unilateral withdrawal from the 2015 nuclear deal.

The Iranian diplomat underlined that creating financial transaction systems is not limited to the three European states [UK, France and Germany] that announced the opening of the new channel for non-dollar trade at the beginning of the year.

“Iran will implement major agreements with other countries, including Turkey, Iraq, Russia, China, India and Switzerland, to operationalize similar mechanisms such as INSTEX in a bid to help increase economic exchanges,” he said.

On Thursday, Iran’s Foreign Minister Mohammad Javad Zarif announced plans for the launch a financial mechanism between Tehran and Ankara similar to INSTEX.

Zarif said the Turkish side has always opposed the US sanctions against Iran and is looking for methods to maintain cooperation with Iran despite the sanctions.

He said the two countries have agreed to pursue closer trade ties in a special manner, pointing to plans for preferential tariff treatment, cooperation in the energy industry, banking interaction, using common currencies for businesses, and the establishment of mechanism akin to INSTEX.

The Iranian minister noted that he and his Turkish counterpart Mevlut Cavusoglu have undertaken to pursue the plans urgently.



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