Mar 31, 2020, 11:41 PM
Journalist ID: 2377
News Code: 83734920
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British-Iranian Chamber of Commerce urges developing transactions via INSTEX

London, March 31, IRNA – Chairman of British-Iranian Chamber of Commerce Lord Norman Lamont on Tuesday welcomed first financial operations via the Instrument in Support of Trade Exchange (INSTEX) and called for continued use of the mechanism and developing it.

"This is excellent news. It has been a bumpy road and taken time. But I hope this is only the beginning, and that we will see more such transactions," he told IRNA late on Tuesday.

Foreign ministries of the three European countries of UK, France and Germany in a joint statement confirmed first financial transactions with Iran through Iran-EU financial mechanism.

Based on the statement, Berlin, Paris and London have successfully conducted first trade with Iran to ease sending medical equipment to Iran.

The statement also hoped that INSTEX and its corresponding company in Iran, the Special Trade and Finance Institute (STFI), would cooperate with each other to develop the mechanism and do more transactions.

INSTEX was launched in January 2019 as part of a broader effort by Germany, France and Britain--the so-called E3—to ease non-dollar transactions with Iran after the US abandoned the deal earlier.

However, European companies have not yet been ready for using the instrument for fear of US sanctions.

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