UK Secretary of State Jeremy Hunt described commissioning of the Instrument in Support of Trade Exchanges (INSTEX) as a practical symbol of EU commitment to Iran nuclear deal, Trend reported citing IRNA.
After the end of EU foreign ministers’ meeting in Bucharest late on Thursday, he added that today a remarkable step was taken in line with fulfilling commitments under the JCPOA to maintain removal of sanctions.
Three countries of Germany, UK and France registered INSTEX today to ease trade exchanges with Iran, Hunt said.
The mechanism will mainly focus on the goods that the Iranian nation may need such as foodstuff and medicine.
Describing commissioning of the mechanism as a big step, he said that there are still more to do.
Three European states are trying to focus on all the necessary technical and legal aspects for activating the mechanism, Hunt said.
He further noted that Iran nuclear deal was a main element in the international efforts and significant for the region.
German, British and French foreign ministers in a news meeting in Bucharest officially announced the commissioning of the European special financial mechanism known as the Instrument in Support of Trade Exchanges (INSTEX) late on Thursday.