Belgium joins EU mechanism to trade with Iran

According to ILNA news agency, in a meeting with the head of Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari, she encourage Belgian companies to work with Iran and confirmed “Belgium could become a shareholder of INSTEX under a bill approved by the parliament.”

INSTEX is a special-purpose vehicle established in January 2019 by France, Germany and the United Kingdom to facilitate non-dollar trade with Iran in a bid to bypass US sanctions.

The day before, the head of German-Iranian chamber of commerce Dagmar von Bohnstein said to ILNA news agency that Chairman of INSTEX Michael Erhard Bock's visit to Iran means Europe's serious move to launch INSTEX.

According to the Tehran Chamber of Commerce, Belgium by joining the financial mechanism of trade with Iran is ready to strive for a lasting economic and trade cooperation with the country.

Petit added “According to a new bill approved by the Belgian government, my country could join INSTEX's shareholders.”

Speaking at the meeting, Head of Tehran Chamber Masoud Khansari also said European countries, especially some of the countries present in the JCPOA, had more words than actions.

“Iran has not witnessed still any openness about its implementation, noting that expectations for creating INSTEX were far beyond that now we witness.”

The Chairman of INSTEX Michael Erhard Bock who is visiting Tehran to discuss the implementation of the instrument with senior Iranian officials, said “A number of European banks and firms have expressed readiness to engage in INSTEX.”

"We have seen some requests from European companies such as one French firm that wishes to sell cattle to Iran,” Michael Erhard Bock added.

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