Iran eyeing major trade deals to boost trade ties

IRNA – Iran’s Ambassador in London Hamid Baeidinejad said that the country has not limited development of economic ties to the Instrument in Support of Trade Exchanges (INSTEX) and has on agenda significant talks and agreements with other countries.

He tweeted on Thursday that creating financial transaction system is not restricted to the three European states.

“Iran will implement major agreements with other countries, including Turkey, Iraq, Russia, China, India and Switzerland, to operationalize similar mechanisms such as INSTEX in a bid to help increase economic exchanges,” he said.

INSTEX is name of a mechanism agreed by Iranian, German, French and British foreign ministers following US exit from JCPOA to help ease banking transactions with Iran.

It will firstly cover basic goods such as medicine and foodstuff, but its scope will broaden gradually.

However, EU’s procrastination to implement the system has drawn criticisms.