Feb 18, 2019, 5:08 PM
News Code: 83214170
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Iran says India seeking to join INSTEX

Tehran, Feb 18, IRNA- Iran says India has requested to join the European special payment mechanism, called INSTEX, to facilitate financial transactions and ease trade.

“Some countries have held talks with the Europeans and have expressed their readiness to use the mechanism after it is implemented,” Iran Foreign Ministry Spokesman Bahram Qasemi said during a press conference on Tuesday.

“India is one of those countries,” added Qasemi who went to say that “they are interested in using the mechanism and have expressed their request.”

Germany, France and the UK announced on January 31 the creation of INSTEX (Instrument in Support of Trade Exchange) as a payment channel with Iran that will allow the export of European pharmaceuticals, medical devices and agri-foods to Tehran.

Qasemi noted that details of the implementation of INSTEX are being discussed between the European trio, Iran and other countries. “Should the channel work favourably, there’s a possibility that other countries also make use of it,” he added.

The diplomat expressed hope that “Europe and the three EU member-states will be able to implement their obligations in the wake of US withdrawal so that we can be in a better position to talk about the JCPOA’s life'.

The international nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), was signed between Iran, the US, Germany, France, the UK, Russia and China in 2015. It was ratified under the United Nations Security Council’s 2231 Resolution. However, US President Donald Trump’s Administration unilaterally walked out of the treaty and restored economic sanctions on Iran.

European Union foreign policy chief Federica Mogherini had earlier said that “if it weren’t for Europe, the JCPOA would be dead.” “This is her own opinion. Despite the US withdrawal, three European countries and two other UNSC permanent members have remained in the deal,” said Qasemi in reaction to Mogherini’s comments.


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