Zarif: Iran and Turkey agree on INSTEX-like mechanism

18 April 2019 15:40 (UTC+04:00)

By Trend

Iran and Turkey have agreed to establish a mechanism similar to the INSTEX financial mechanism, Iranian Foreign Minister Mohammad Javad Zarif told reporters before leaving Ankara, Trend reports referring to Tasnim News Agency.

According to Zarif, Iran and Turkey have come to an agreement on 5 areas, namely the introduction of preferential tariffs, energy cooperation, banking cooperation, usage of national currencies in bilateral transactions, and the creation of a mechanism similar to INSTEX in bilateral relations.

The Iranian minister said that the foreign ministers of the two countries will supervise the implementation of these agreements.

"Iran's current relations with Turkey have not been at this level in the past decades. Iran has similarly great relations with neighboring countries, such as Iraq, Azerbaijan, Afghanistan, Pakistan and Central Asian countries," he said.

Zarif added that the relations with neighboring countries are a priority for the Iranian government.

The US declared its withdrawal from the Joint Comprehensive Plan of Action (JCPOA) in May 2018 and imposed sanctions on Iran in November of the same year.

European signatories of the JCPOA – the UK, France and Germany – have announced the establishment of INSTEX, a financial mechanism for trade with Iran, in late January 2019.


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