ECONOMIC IDEAL – Tehran, March 5, IRNA – The British Embassy in Tehran on Tuesday announced the meeting of a delegation headed by British Ambassador Rob Macaire with officials of Central Bank of Iran on the Instrument in Support of Trade Exchanges (INSTEX).
The British embassy in Tehran, in a Twitter message, added that in addition to the European financial mechanism, the two sides have conferred on British support for trade in Iran.
The meeting was attended by Director of Business Department at the British Embassy Keith Wellings and Middle East, Afghanistan, and Pakistan Commercial Affairs Commissioner Simon Penny who arrived in Tehran this morning.
On January 31, the UK, Germany and France (the European Union signatories of the nuclear deal) launched a special purpose vehicle (SPV) dubbed the Instrument in Support of Trade Exchanges (INSTEX) in order to facilitate legal trade with Iran. France agreed to take the SPV under its jurisdiction, while Iran is expected to establish a similar entity. The vehicle should support technical opportunities for making transactions with Tehran and does not relieve those using it from the US sanctions.
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