Jul 4, 2019, 12:32 AM
Journalist ID: 1853
News Code: 83380584
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INSTEX must meet Iran's expectations: Senior official

Tehran, July 3, IRNA- Deputy Economy Minister underlined on the Iran's clear stance toward Instrument in Support of Trade Exchanges (INSTEX ) stressing that Iran's expectations from the mechanism must be met.

Mohammad Ali Dehqan Dehnavi, on the new European action regarding INSTEX and the plan of the Ministry of Economic Affairs and Finance in this regard, underscored, “The subject of INSTEX is clear, because on the issue of the JCPOA due to the American’ violation of the nuclear deal and the withdrawal from the treaty, practically the benefits envisioned for Iran were overshadowed and the situation was aggravated by the mischief and restrictions created by sanctions."

Deputy Minister went on to say that "The stances of our country in this regard are clear, and other parties must compensate for this deficiency.”

He added that compensating for this deficiency is based on the JCPOA whenever the INSTEX could meet the conditions foreseen to facilitate the international trade of the country, export and import, financing, currency exchange, etc., it could claim compensation for these claims.

After months of debates over the European financial mechanism to keep the JCPOA going, the INSTEX eventually entered the executive phase to increase hopes for the effectiveness of the nuclear deal; The phase that in which the power of the European Union, along with its political will, is judged and evaluated.

As hopes were continuing to decline gradually, in the middle of the past week something happened that changed the attitudes, and it was the implementation of "the Instrument in Support of Trade Exchanges (INSTEX)".

On Friday the 12th session of the Joint Commission of the JCPOA was held in Vienna with deputies of Iranian foreign ministers and Iranian and Group 1 + 4 political directors along with Helga Maria Schmid, Secretary General of the European External Action Service (EEAS) which was accompanied by tangible results and forward steps.

The Vienna statement outlined the progress of the talks, especially article 4, which emphasized the implementation of the European financial mechanism.

Part of this article reads that France, Germany and the United Kingdom informed participants that INSTEX had been made operational and available to all EU Member States and that the first transactions are being processed. Ongoing complementary cooperation with the Iranian corresponding entity (STFI), which has already been established, will speed up. They confirmed that some EU Member States were in the process of joining INSTEX as shareholders, the special purpose vehicle aimed at facilitating legitimate business with Iran. They are also working to open INSTEX to economic operators from third countries.

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