Transactions in trade channel 'INSTEX' not convincing for Iran: Deputy FM

TEHRAN, May 15 (MNA) – Iranian Deputy Foreign Minister for the Economic Diplomacy Affairs said Gholamreza Ansari said on Fri. that trade transactions through EU trade mechanism with Iran dubbed 'INSTEX' is not convincing for the Islamic Republic of Iran at the present condition.

In response to a question that Iran purchased pharmaceutical and medical products from a German company through INSTEX and imported into the country in the first month of the current year and Central Bank of Iran [CBI] is counseling for a new transaction, Ansari stated, “although the trade mechanism under INSTEX is not convincing for Iran, the country started limited activities last year in 2019 using INSTEX.”

Central Bank of Iran [CBI] is interested in activating INSTEX, he said, adding, “accordingly, we hope that Iran will use this trading mechanism for its purchases from Europe in future.”

He pointed to the cooperation of European countries with Iran within the framework of INSTEX, and said, “although European sides have established necessary operation with Iran in this regard, the type and quantity of goods is limited and it is hoped that European parties themselves will provide the possibility of trade between Iran and Europe in future.”

MA/ 4925929

News Code 158725

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