Feb 4, 2019, 11:20 PM
News Code: 83197590
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EU prioritizes basic goods to accelerate INSTEX implementation

London, Feb 4, IRNA – Iran’s Ambassador in London Hamid Baeidinejad said on Monday that the E3 have proposed to dedicate first phase of the Instrument in Support of Trade Exchanges (INSTEX), which is aimed at facilitating trade between Iran and other countries in all fields, to the basic and medical goods.

In a tweet on Monday, he added that the goods cover a wide scope which includes:
1 – Types of agricultural products, including soybean and corn
2 – Types of foodstuff
3 – Fruits and vegetables
4 – Agricultural toxins, fertilizer and plant seeds
5 – Livestock food
6 – Powder milk and raw materials
7 – Pharmaceutical raw materials
8 – General medicines and medicines of special diseases
9 – Types of medical and hospital equipment
10 – Surgery instruments and apparatus
11 – Advanced medical equipment such as radiotherapy
12 – Types of human and animal vaccines

“Our country has taken remarkable steps in line with self-sufficiency, but purchasing certain items is still necessary,” he said, noting that Iran is earmarking some seven to eight billion euros to procure the goods, but money transfer is still problematic.

On January 31, German, British and French foreign ministers in a news meeting in Bucharest officially announced registration of the European special financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX).

Part of the E3 joint statement reads that the INSTEX will function under the highest international standards with regards to anti-money laundering, combating the financing of terrorism (AML/CFT) and EU and UN sanctions compliance. In this respect, the E3 expect Iran to swiftly implement all elements of its FATF action plan.

The E3 underline their commitment to pursue further development of INSTEX with interested European countries to make this instrument in support of trade exchanges with Iran operational by following the steps set out above.


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