Iran’s ambassador to the UK compiled a list of the commodities that Iran and Europe will be able to trade in under a payment channel that three EU states have set up to maintain trade with Iran.
In a post on his Twitter account on Monday, Hamid Baeidinejad provided a list of the commodities that Iran will be able to purchase from Europe in the first phase of implementation of INSTEX (Instrument in Support of Trade Exchanges), a payment channel that the three EU signatories to the 2015 Iran nuclear deal (France, Germany and Britain) set up last week to help continue trade with Tehran and bypass the US sanctions.
“The three European states have suggested that, in order for the immediate implementation of the financial channel set up to facilitate trade between the two countries in all areas, its first phase should deal with the payments for the commodities such as basic and medical items, which include a widespread area of trade in: 1- various agricultural products such as soybean and corn, 2- various foodstuff, 3- fruits and vegetables, 4- agricultural pesticides, fertilizers and crop seeds, 5- cattle feed such as pomace and forage, 6- powdered milk and basic substances, 7- pharmaceutical precursors, 8- various types of general medicine and drugs for special diseases, 9- various types of medical and hospital equipment, 10- advanced operation and surgery room’s tools and equipment, 11- advanced medical equipment such as radiotherapy and radiation therapy for cancer treatment, 12, various types of human and animal vaccines, and etc,” the ambassador explained.
Baeidinejad noted that Iran allocates an annual budget of €7-8 billion to import those items, saying the purchase of the commodities and the payment process is fraught with difficulties.
“Despite the false claims by the US officials, the international banking system would not take the risk in clearing these transactions and transferring the money for the purchase of those items due to the US sanctions,” the envoy deplored.
INSTEX will be based in Paris and be managed by a German banking expert. Britain will head the supervisory board.
In May 2018, the US president pulled his country out of the JCPOA, the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
Following the US exit, Iran and the remaining parties launched talks to save the accord.