The Director of the Instrument in Support of Trade Exchanges (INSTEX) Per Fischer on Monday voiced the company’s readiness to undertake first transaction with Iran, and addressed the concerns of British companies who may wish to do business with Iran.
In a meeting with the British economic experts, commercial companies and officials in London, he presented an explanation on the function of the system and addressed concerns of the British companies in doing business with Iran.
According to an Iran Press report, Iran’s ambassador to London who attended the meeting wrote in his tweet account that Fischer announced that despite challenges, INSTEX is serious about conducting first transactions with its Iranian counterpart.
INSTEX is a special financial mechanism created by Germany, France and Britain in January 31, 2019 to facilitate non-dollar trade.
The instrument is aimed at enabling legitimate trade between Iran and the European Union in the first phase before expanding to cover third parties as well.
On April 14, Iranian Foreign Minister Mohammad Javad Zarif said that Tehran has announced to the European countries the establishment of the Iranian mechanism proportionate to INSTEX.
Fischer visited Tehran in March to attend talks between Iranian authorities and representatives from France, Germany, Britain, and the European Union on how to best implement the payment channel.
A meeting was held between delegations from the Foreign Ministry and relevant bodies and the EU economic and political delegations.