May 26, 2019, 5:35 PM
News Code: 83328993
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Iran, Europe to facilitate trade exchange

Tehran, May 26, IRNA – Head of Export Guarantee Fund of Iran Afrouz Bahrami said on Sunday that the Islamic Republic of Iran and a number of European countries are to sign a memorandum of understanding (MoU) to broaden economic cooperation in the near future.

The MoU is to be signed between the two sides to help facilitate trade exchange between the two sides, Bahrami wrote in her Twitter account.

Thanks to implementation of the Instrument in Support of Trade Exchanges (INSTEX) which is to be kicked off in coming weeks,  she said adding that the MoU is to create new opportunities to expand trade cooperation between Iran and Europe.

Bahrami went on to say that the MoU will pave the path for further exchange of information between the two sides' companies,  setting up joint venture insurance,  and broadening mutual cooperation in education and technical issues.

INSTEX was adopted by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on January 1.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been appointed for a six months long to run it.

Earlier, Ali Asghar Nouri, CEO of SATMA, Iran's special financial channel for trade responded to the allegations raised by German Foreign Ministry spokeswoman Maria Adebahr making Iran responsible for delay in kicking off INSTEX, adding that based on the text of Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), other signatories, especially Europeans should guarantee Iran's economic interests.

Any measures taken by the Islamic Republic of Iran within the context of the INSTEX is regarded as an aid for Europe to carry out its commitments to the JCPOA, he said. 

He referred to establishing INSTEX parallel mechanism in Iran, saying that Iran is ready to start it if Europe will do the same.


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