‘INSTEX ready for first trade exchange with Iran in shortest time possible’

The European payment channel president Per Fischer has talked about what could be done with the mechanism’s framework to speed up trade with Iran in the face of US sanctions.

30 April 2019
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The European payment channel president Per Fischer has talked about what could be done with the mechanism’s framework to speed up trade with Iran in the face of US sanctions.

INSTEX President Per Fischer addresses British businesses about the European payment channel with Iran in London on 29 April. (BRITISH AMBASSADOR TO IRAN ROB MACAIREs Twitter @HMATehran)

Iran’s ambassador to the UK says the European special payment channel INSTEX is ready to conduct the first trade exchange with Tehran in the shortest possible time as its mirror company has finally been registered in the Iranian capital.  

“Per Fischer, President of INSTEX (the European trio’s trade exchanges mechanism with Iran) said today in a meeting with big British industries and trade companies that despite existing challenges, INSTEX is seriously seeking to conduct the first trade exchange with its similar Iranian company in the shortest time possible,” tweeted Iranian Envoy to the UK Hamid Baeidinejad on Monday.

He didn’t give more information about the meeting and those who attended it. However, Iran’s state news agency IRNA has reported that it was held at the initiative of the UK government’s Department for International Trade as well as the British-Iranian Chamber of Commerce in London.  

No more details have been given about the discussion points and whether Iranian companies were also present there.

British Ambassador to Iran Rob Macaire, who seems to have attended the meeting himself, has tweeted that “interest in the instrument is strong, and all efforts being made towards starting operations”.

A screenshot of British envoy to Iran's tweet about the meeting in London

Per Fischer was in Iran in March in a bid to talk to Iranian businesses and ambassadors to Iran. 

In an interview with Iran Chamber Newsroom in March, Indian Ambassador to Iran, Ghaddam Dharmendra, who was present at the informal dinner meeting, described the talks as "a good and encouraging sign". 

Watch Video: Indian envoy to Iran talks about Per Fischer's recent visit to Tehran  

Instrument in Support of Trade Exchanges (INSTEX) was created by Germany, France and the UK, the three European signatories to the international agreement on Iran nuclear agreement, also known as the Joint Comprehensive Plan of Action (JCPOA).

The payment channel, previously called the Special Purpose Vehicle (SPV), was announced on the last day of January. It’s been registered at the address of the French Economy and Finance Ministry in Paris.

It’s been designed to initially include the trade of all humanitarin goods and non-sanctioned items that has been impeded by the unilateral US economic sanctions that have targeted international banking relations with Iran.

Iran has finally registered the mirror company called the Special Trade and Finance Instrument between Iran and Europe (STFI) in a bid to speed up trade exchanges between Iran and Europe. 

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