News ID: 238388
Published: 0138 GMT February 03, 2019

Iranian MP: INSTEX notable as first step by Europeans

Iranian MP: INSTEX notable as first step by Europeans

Domestic Economy Desk

Europe's special payment channel for transactions with Iran, known as Instrument for Support of Trade Exchange (INSTEX), is a noteworthy first step by Europeans to help preserve the Iran nuclear deal, said an Iranian lawmaker.

Describing European's commitments under the Joint Comprehensive Plan of Action (JCPOA) — signed between Iran and P5+1 in July 2015 — as far beyond simply setting up INSTEX, Alaeddin Borujerdi, a member of the Iranian Parliament's National Security and Foreign Policy Committee, said the move was, however, a notable first step, IRNA reported.

He noted that what is important is that the Europeans take the practical steps in this field enabling Iran's economic and trade sector to make appropriate use of the move.

The MP said, "We are required to [wait and] see what the Europeans will do in practice as this is what is important."

He hoped this step would pave the way for other successful strides by Iran.

Borujerdi said Iran expects the Europeans to fulfill all their obligations under the JCPOA, as this is among the rights of the Islamic Republic and responsibilities of the Europeans.

The statement by three European countries, Germany, France and Britain, that announced the setting up of INSTEX on Thursday the activation of the mechanism requires Iran's membership in the Financial Action Task Force (FATF).

Reacting to this, Borujerdi described Iran's lawmaking process as transparent, clear and definite, adding the two outstanding FATF bills are already being discussed in Iran's Expediency Discernment Council.

"Europeans know this," he noted.

However, he warned, citing Iran's membership in the FATF as a prerequisite to the implementation of INSTEX is unacceptable, calling on the Europeans to take their own required steps.

He said the process of Iran's joining to the FATF is going through its legal procedures in Iran's legislation structure.

The Iranian parliamentarian noted that Iran is "waiting for Europe's economic and not political actions".

The setting up of the INSTEX was announced by German, French and British foreign ministers on the sidelines of a European Union summit in the Romania capital of Bucharest.


Resource: IRNA
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