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Iran's Envoy to UK: INSTEX Focused on Medicines, Agrifood in Initial Phase

Iran spends up to €8 billion annually to import 12 groups of merchandise, including agricultural products, milk powder, pharmaceutical raw materials, medicines and medical equipment, through the newly-unveiled transactions channel
Iran's Envoy to UK: INSTEX Focused on Medicines, Agrifood in Initial PhaseIran's Envoy to UK: INSTEX Focused on Medicines, Agrifood in Initial Phase

Three European signatories to the Iran nuclear deal—formally known as the Joint Comprehensive Plan of Action—namely Germany, France and Britain, have proposed to limit the scope of INSTEX, the long-awaited mechanism for facilitating trade with Iran, to pharmaceutical, medical devices and agrifood in its initial phase, Iran’s Ambassador in London Hamid Baeidinejad said on Twitter. 
Short for "Instrument in Support of Trade Exchanges", the special purpose vehicle will allow European businesses to trade with Iran, despite strict US sanctions. 
According to media reports, INSTEX will be based in Paris and managed by German banking expert Per Fischer who is also a former Commerzbank manager. The UK will head the supervisory board.

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