MP describes INSTEX president's Iran visit constructive

Tehran, March 19, IRNA – A senior Iranian lawmaker on Tuesday described the visit of the President of the Instrument in Support of Trade Exchanges (INSTEX) to Iran as constructive.

The visit aimed at discussing implementation of the agreement, Ardashir Noorian, member of National Security and Foreign Policy Commission at Iranian Parliament said.

He made the remarks in an exclusive interview with Islamic Republic News Agency (IRNA).

Financial transactions and trade exchange between Iran and Europe was also discussed during Per Fischer's visit to Iran, he said.

He noted that INSTEX is a starting point for implementation of their agreement with Iran but Tehran expects practical measures from the European sides who are parties of the nuclear agreement.

The channel, called Instrument for Finance and Trade between Iran and Europe, was registered on Tuesday March 19. A group of Iranian state and private banks as well as some companies are the mechanism's stakeholders. The company has been set up and registered due to 'non-stop efforts of the Central Bank of Iran (CBI)'.

INSTEX was introduced by foreign ministers of the European trio on the sidelines of a European Union summit in the Romanian capital Bucharest on the last day of January.

INSTEX has been registered at the address of France's Economy and Finance Ministry in Paris. German banker Per Fischer has been chosen for a period of six months to run it. Also, a senior UK diplomat is expected to head the Supervisory Board.

The channel is meant to help facilitate trade of essential non-sanctioned goods that have been restricted under the secondary US sanctions that have been designed to block major financial transactions with Iran.

The first phase is expected to be limited to the trade of pharmaceuticals, medical devices and agri-foods.

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