Iran amb., German official discuss INSTEX in Berlin

TEHRAN, Jul. 16 (MNA) – Iran’s newly-appointed ambassador to Berlin and director-general for economic affairs at German Federal Foreign Office held talks on the EU’s trade mechanism for Iran, INSTEX, on Tuesday.

Director-General for Economic Affairs and Sustainable Development at German Federal Foreign Office, Miguel Berger, wrote in a tweet on Tuesday that he has met with the newly-appointed Iranian ambassador to Berlin, Mahmoud Farazandeh.

According to the German official, they conferred on the EU’s trade mechanism for Iran, known as INSTEX, and bilateral economic relations.

This is while EU foreign policy chief Federica Mogherini told reporters after a meeting with the foreign ministers of the European countries in Brussels on Monday that the EU countries are still trying to work on implementing the financial mechanism they have created for Iran, and this is the most difficult stage in the life of the agreement.

She added that the INSTEX will become operational first between the member states of the nuclear agreement – UK, France, Germany, Russia and China – and then other countries will be allowed to join it.

INSTEX (Instrument in Support of Trade Exchanges) is promised to be EU’s mechanism to secure Iran’s economic interests in the face of US sanctions after Donald Trump withdrew US from the 2015 Iran nuclear deal (JCPOA) in May 2018.

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News Code 147710

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