Tuesday - 19 March 2019

 

         

UK experts due in Tehran for next phase of INSTEX

UK experts due in Tehran for next phase of INSTEX
The UK government is going to dispatch a group of experts and other representatives to Tehran soon to discuss the next phase of the Instrument in Support of Trade Exchanges (INSTEX) with Iran, according to a British diplomat.

Fabanews: The diplomat, who spoke to IRNA on condition of anonymity, said the visit to Tehran will be paid following negotiations between Iran and Europe to further expand the financial mechanism.

'As part of our ongoing discussions on the development of INSTEX Iran has invited E3 colleagues to attend working groups in Tehran to help with the next phase. There will be experts from across the UK Government attending,' the diplomat said.

Foreign ministers of Germany, France and the UK issued a statement on Jan 31 announcing the registration of INSTEX.

Experts believe that INSTEX is a barter mechanism for trade with Iran to circumvent US sanctions on the country.

A JCPOA Joint Commission meeting is being held in Vienna today, the main agenda of which is said to be discussions over the details of INSTEX.

The British diplomat said that the presence of the undersecretary of the UK Foreign Office in Vienna meeting is indicative of London’s deep commitment to implementing INSTEX.

Noting that many British companies have signaled readiness for resuming trade relations with Iran after the adoption of INSTEX, the diplomat said that such moves show that the international community has realized the fact that Iran is an untapped market for potential buyers./Irna

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