INSTEX one of European obligations vis-à-vis Iran: Deputy FM

IRNA – Iran’s Deputy Foreign Minister says that Instrument in Support of Trade Exchanges (INSTEX)is only one of the obligations that the European parties have towards the Islamic Republic of Iran.

After the end of the 11th meeting of the Joint Comprehensive Plan of Action (JCPOA) Joint Commission, Seyyed Abbas Araqchi, stated, ‘We have reminded European parties that the European Financial Mechanism (INETEX) is just one of their commitments, and that economic cooperation with Iran has different dimensions.’

Araqchi, said Wednesday that at the five hour-meeting, the European parties had provided detailed explanations on how they will work and how they interact with the Iranian institutions.

‘They explained how they can guarantee the export, import, and payment of our exports to Europe vie INETEX and, in the next step, how this mechanism will be available to third countries and non-European countries,’ he said.

Deputy Foreign Minister went on to say, ‘Iranian economic officials, for their part, also explained about the corresponding economic institution.

The Iranian high-ranking official has assessed the talks as positive, adding, ‘Of course, we have to wait until the INETEX to be operational, and in practice we will see how it can do its job.’

He noted, ‘Although the Europeans were too late and the time was too long to reach the INSTEX, but the body has been registered, its board of directors and its CEO was determined by the European side and we hope it to start work, let’s see how it will go.”

JCPOA Joint Commission convened in Vienna for the 11th time on Wednesday.

The meeting, which began at 9:40 o’clock local time, is being held at the level of political directors and deputy foreign ministers of Iran and E3+2 (Germany, the UK, France, Russia and China).

Secretary General of EU’s External Action Service Helga Maria Schmid wrote in her twitter account earlier in the day that today’s meeting is the first since the adoption of the INSTEX.

She said that both Iran and the E3+2 countries are committed to implementation of the JCPOA.

Abbas Araqchi, the Iranian deputy foreign minister who heads the Iranian delegation at the meeting, said that the parties to Iran nuclear deal have been seeking mechanisms to offset the impacts of the US illegal withdrawal from the deal and find solutions for keeping economic cooperation with Iran.