INSTEX is a financial mechanism suggested by Europe to address the issues about banking ties as part of measures to make up for the US banking sanctions on Iran in contravention of the United Nations Security Council Resolution 2231 requiring to lift sanctions on Iran.
Speaking in a joint press conference with his Iranian counterpart Abbas Araghchi in Beijing, Ma Zhaoxu said that Tehran and Beijing will do their best to save the Joni Comprehensive Plan of Action (JCPOA) and that the crisis arising from the US pullout from the nuclear deal and its subsequent maximum pressure policy.
Calling Iran and China strategic partners, he said that Beijing always pursues Iran-China ties from a long-term perspective and is keen on expansion of economic cooperation.
Ma Zhaoxu said that the nuclear issue is an inseparable part of the strategic cooperation of Iran and China, and as agreed in the recent meeting, the relations will be strengthened to support the interests of both courtiers and the international community.
He said that the JCPOA is a very important achievement of diplomacy and multilateralism, which has changed to an international agreement, based on international law, should effectively take force.
He said that saving the JCPOA needs tolerance of multilateralism, sovereignty of law, and avoidance of US unilateralism and hegemony.
He recalled Iran's declaration that all the reduced commitments are reversible and the International Atomic Energy Agency (IAEA) is monitoring the implementation of the JCPOA.
He invited all the parties to the JCPOA to refer any complaints arising from implementation of the JCPOA to the Arbitral Joint Commission stipulated in the framework of the deal to settle any disputes.
Preamble ix of the JCPOA reads, "A Joint Commission consisting of the E3/EU+3 and Iran will be established to monitor the implementation of this JCPOA and will carry out the functions provided for in this JCPOA. This Joint Commission will address issues arising from the implementation of this JCPOA and will operate in accordance with the provisions as detailed in the relevant annex."
Ma Zhaoxu also said that Beijing believes that Iran should be able to enjoy the economic interests of the deal.
On Saturday Araghchi, who is on a visit to China at the invitation of his Chinese counterpart to discuss Iran nuclear deal, told IRNA that the fact is that the Europeans are still serious about INSTEX and regard it as a trade mechanism to keep financial ties with Iran, despite the US sanctions, is per se of value.
Belgium, Denmark, Sweden, Finland, Norway, and the Netherlands issued a joint statement announcing that they are joining INSTEX to enter trade with Iran and to safeguard the Joint Comprehensive Plan of Action (JCPOA) signed by Iran and the five permanent members of the United Nations Security Council plus Germany, from which the US unilaterally withdrew in March 2018 and re-imposed its sanctions on Iran. The INSTEX was designed in the first place to make up for the US unilateral pullout of the deal.
The statement said that the deal was endorsed by the UNSC Resolution 2231 and is also an important element in the non-proliferation regime of nuclear weapons.
Saying that the INSTEX is in the final steps of operation, Araghchi said that the INSTEX, even during sanctions, can cover 20 percent of the economic relations of Iran.
He added that of course the economic ties between Iran and China don’t need the INSTEX, the two countries have already designed their own mechanism. However, the Europeans said that after the INSTEX got underway and worked out, they will introduce the barter system to non-European countries as well.
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