Launching of Europe-Iran payment mechanism gets wide coverage in Pakistan

Islamabad, Feb 1, IRNA -- European Union's announcement of commissioning Instrument in Support of Trade Exchanges (INSTEX) with Iran gets wide media coverage in Pakistan.

Leading English news daily ‘Express Tribune’ reported that France, Germany and Britain have set up a European mechanism for non-dollar trade with Iran.

It said that Washington’s major European allies opposed last year’s decision by President Donald Trump to abandon the 2015 deal, under which international sanctions on Iran were lifted in return for Tehran accepting curbs on its nuclear program.

The report said the Instrument In Support of Trade Exchanges, or INSTEX, is registered in France and will be headed by German banker Per Fischer.

‘Radio Pakistan’ said Germany, France and Britain have officially set up a European transactions Channel to facilitate trade with Iran. It said this channel will be named INSTEX.

Another daily ‘Dawn’ in its report said that Britain, France and Germany have launched a special payment mechanism with Iran by bypassing the US sanctions.

It said the entity, registered in France with German governance and finance from all three countries, will allow Iran to trade with the EU companies.

While the new institution, called INSTEX is a project of the three governments, it will receive the formal endorsement of all 28 EU members.

Daily ‘Business Recorder’ said that Tehran has welcomed as a “first step” the launch of an EU trade entity aimed at saving Iran’s nuclear deal by bypassing the US sanctions.

The special payment mechanism “is the first step within the set of commitments the Europeans have made to Iran which I hope will be fully implemented and not be incomplete,” said Iran’s deputy foreign minister Abbas Araghchi.

‘Dunya Tv’ said Tehran has welcomed as a 'first step' the expected launch of an EU trade entity aimed at saving Iran's nuclear deal by bypassing the US sanctions.

Iran is hoping that INSTEX will allow the Europeans to meet Tehran's trade demands and keep the nuclear deal afloat.

‘ARY Tv’ said Britain, France and Germany have launched a trade mechanism to bypass the US sanctions on Iran, drawing praise from Tehran.

It reported that Brussels hopes the long-awaited special payment system will help save the Iran nuclear deal by allowing Tehran to keep trading with the EU companies. Iran cautiously welcomed the news as a “first step”.

‘Urdu Point’ website said Britain, France and Germany have launched a special payment mechanism to save the Iran nuclear deal by bypassing the US sanctions.
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