Europe's Trade System with Iran Makes First Deal: Germany

TEHRAN (Tasnim) - The German foreign ministry said on Tuesday that a system they set up to enable trade with Tehran has finally concluded its first transaction, facilitating the export of medical goods.

Europe's Trade System with Iran Makes First Deal: Germany

Germany's foreign ministry said the three European countries “confirm that INSTEX has successfully concluded its first transaction, facilitating the export of medical goods from Europe to Iran.”

“These goods are now in Iran,” it said in a statement that gave details neither of the goods nor of who was involved in the transaction, AP reported.

“Now the first transaction is complete, INSTEX and its Iranian counterpart STFI will work on more transactions and enhancing the mechanism,” the German foreign ministry statement said.

Britain, France and Germany conceived the complex barter-type system dubbed INSTEX, which aims to protect companies doing business with Iran from American sanctions, in January 2019. The move came months after President Donald Trump unilaterally withdrew the United States from the nuclear deal that Tehran struck with world powers in 2015 and reimposed sanctions.

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