Feb 3, 2019, 5:44 PM
News Code: 83195624
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Iranian lawmaker welcomes 'considerable' European INSTEX

Tehran, Feb 3, IRNA - The European Special Purpose Vehicle for trade with Iran, also knwon as INSTEX, is a considerable first step to maintain Iran nuclaer deal intact, a high-profile Iranian lawmaker says.

'INSTEX is considerable as Europe's first step to preserve the Joint Comprehensive Plan of Action (JCPOA),' Alaeddin Borujerdi, a member of Parliament's National Security and Foreign Policy Commission told IRNA, expressing hope that 'this step would pave the way for next successful measures for Iran.'

He said that Iran expects the Europeans to 'implement all their obligations under the JCPOA, [because] this is the Islamic Republic's rights and the Europeans obligations'.

A statement by three European countries, Germany, France and Britain, that announced the creation of Instrument for Support of Trade Exchange (INSTEX) last Thursday called on Iran to ratify all elements of the Financial Action Task Force (FATF) action plan.

In reaction, Borujerdi called Iran's law-making process 'transparent, clear and definite', adding that the two outstanding FATF bills are already being discussed in the Expediency Discernment Council of the System. 'Europeans know this,' he highlighted.

However, he warned that conditioning the implementation of INSTEX on FATF action plans is 'unacceptable', calling on the E3 to 'do their own work as these plans are going through their legal process in Iran's law-making mechanism.'

The Iranian parliamentarian mentioned that Iran is 'waiting for Europe's economic and not political actions.'

He went on to highlight the gap between the European Union and the Administration of US President Donald Trump on 'many issues including Iran, JCPOA'. 'Trump has violated many international treaties. Recent dispute with Russia, environmental moves, withdrawing from Paris accord and … are examples of US practical violations in relation to the world and Europe,' he said.

INSTEX was created by France, Germany and Britain as it was announced by the countries' foreign ministers on the sidelines of a European Union summit in Romania capital, Bucharest January 31st. It's address has been registered in the French capital Paris. But, former Commerzbank manager, veteran German banker Per Fischer has also been chosen to preside over the entity 'for six months', according to Der Spiegel. A high-ranking British official has also been chosen to head its supervisory board, that's been comprised of one diplomat from each of the three countries.

INSTEX is also expected to open a branch in Germany. It's first phase will cover pharmaceuticals, medical devices and agri-food goods. It's expected to include other items in future.

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