Iran, Europe to facilitate trade relations

TEHRAN, May 26 (MNA) – The managing director of Export Guarantee Fund of Iran (EGFI) announced that a number of MoUs will soon be signed between EGFI and some European countries.

The Managing Director of EGFI Afrooz Bahrami said in a tweet that EGFI and some European countries will sign MoUs to facilitate trade relations.

Considering the activation of INSTEX in the coming weeks, these MoUs will create new capacities for Iran-Europe trade in light of the trade mechanism, she added.

Bahrami mentioned that the exchange of credit information of Iranian and European companies, reinsurance or joint insurance, and technical and educational cooperation are among the priorities of the MoUs.

The Instrument in Support of Trade Exchanges (INSTEX), EU's special payment channel with Iran, was announced by the EU in January to secure trade with Iran and skirt US anti-Iran sanctions after Washington pulled out of the 2015 Iranian nuclear deal (JCPOA) in May 2018.

Iran in turn has set up a matching channel called Special Trade and Finance Instrument (STFI). The Islamic Republic had given about a year to Europeans to implement the mechanism, and now expects them to implement the arrangement. The mechanism, which will deal essentially with food and medical trade, is struggling to become operational in the face of US pressure.

ZZ/ FNA13980305000486

News Code 145738


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