Iran private sector welcomes INSTEX, vows to make it ‘big success’
6 February 2019 - INSTEX (Instrument in Support of Trade Exchange) is the new denomination of Europe’s special purpose vehicle (SPV) that’s been designed to include trade of pharmaceuticals, medical devices and agri-foods between three European countries and Iran in the face of unilateral US sanctions.Iran private sector has welcomed the creation of Europe’s financial channel with Iran, called INSTEX, promising to do whatever it can to make the mechanism operational.
“We really welcome the framework, the INSTEX; we are looking to make it as much operative and successful as possible,” Pedram Soltani, Vice President of Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said on Monday.
“From the side of the Iranian private sector, we assure that we will have our utmost effort to make it a big success for doing business between Iran and Europe and to make it a successful experience as well as an exemplary alternative for covering international transactions,” he added in an interview with Iran Chamber Newsroom on the sidelines of a ceremony to celebrate the first anniversary of establishment of Iran-Austria Chamber of Commerce.
Soltani stressed that such a mechanism, should it become successfully operational, “can protect the European states, Iran and other countries against extraterritorial sanctions like the US ones in future.”
The ICCIMA VP stressed that systems such as INSTEX are needed in a bid to “bring more assurance to the international trade.”