Araghchi says Iran still unsure how INSTEX works

TEHRAN (defapress) – Deputy FM Abbas Araghchi said before a JCPOA joint commission meeting on Wed. in Vienna that Iran is still unsure how EU’s trade mechanism INSTEX is going to help the country with its economic relations.

News ID: 76005

Date: 06 March 2019 - 10:59

Araghchi made the remark prior to a JCPOA joint commission meeting on Wednesday in Vienna.

Co-chaired by Araghchi and European External Action Service Helga Schmid, the Joint Comprehensive Plan of Action (JCPOA) joint commission meeting will be held in Vienna, Austria, on Wednesday, with deputy foreign ministers of Germany, UK, France, Russia, and China in attendance.

There is a political will among the parties to the nuclear deal to counter the obstacles and problems created by the US withdrawal from the JCPOA, the Iranian diplomat stressed.

According to Araghchi, the Wednesday meeting will address nuclear issues and the removal of sanctions under the JCPOA.

“The nuclear issues are normally being discussed and the IAEA has reaffirmed Iran’s full compliance with its JCPOA-related commitments in its 14th quarterly report,” said Araghchi, adding “however, the discussions on the removal of sanctions following the US’ withdrawal from the agreement have been facing a lot of difficulties.”

Ever since, the sides to the JCPOA have been trying to come up with initiatives and mechanisms to compensate for the US’ withdrawal from the agreement, he said.

Araghchi maintained that the most important of such initiatives was the EU’s financial mechanism for Iran, known as INSTEX.

“This mechanism is in its early stages, and we are still unsure how it is going to work and prove helpful. Therefore, we need to have expert discussions about it,” he added.

Araghchi also criticized EU for its prolonged delay in introducing the trade mechanism, calling on the bloc to make a more serious effort for its implementation.

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