Officially, a European trade body with Iran
Officially, a European trade body with Iran France, Germany and Britain, and European countries will begin to open trade with Iran through a European body established by the European Union for this purpose.

Officially, a European trade body with Iran

Tunisia, Tehran: European Union sources said that the body, which the European Union has envisaged for trade with Iran despite US sanctions, will become official on the sidelines of the informal meeting of its foreign ministers on Thursday in Bucharest.

France, Germany and Britain, and European countries will begin to open trade with Iran through a European body established by the European Union for this purpose.

The body, which will be named "INTEX" (Instrument in Support of Trade Initiatives), will be registered in France and under the management of Germany.

The EU's financing with Iran will be from France, Germany and Britain, the three countries in the EU that have signed the nuclear deal with Tehran.

The other signatories to the agreement with Iran are Russia and China, the United States, whose president, Donald Trump, has announced a withdrawal from the agreement and new sanctions on Iran.

Washington has warned Europeans of the consequences of circumventing its sanctions.

The new entity is being set up by state governments, but the European Union will endorse its creation in a text on Iran's commitment to the nuclear deal, endorsed by representatives of the 28 EU member states on Wednesday in Brussels.

Spain and Italy agreed after the dispute was settled on the text, which was supposed to be officially ratified by capitals.

In this text, EU member states welcome Iran's commitment to the nuclear agreement signed in 2015.

The new European entity will allow Iran to obtain revenues from exports that are hampered by US sanctions.

The commission initially aimed to allow Iran to continue selling oil to the European Union in return for purchases of goods in Europe. But Europeans do not actually buy oil from Iran.

This body will be mainly for small and medium enterprises.

Read 179 times Last modified on Thursday, 31 January 2019 13:49
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