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Europe trade channel with Iran close to 1st deal in days - France

July 4, 2019 at 10:30 pm

France’s Finance Minister Bruno Le Maire

French Finance Minister Bruno Le Maire said on Thursday he hoped a special trade channel set up with Iran would complete a first, limited transaction in the coming days, Reuters reports.

Set up by France, Britain and Germany, Instex is a barter trade mechanism that aims to avoid direct financial transfers by offsetting balances between importers and exporters on the European side.

“We want Instex to enter into force in a few days and I hope that we will be able to operate in a few days. I hope the first transaction will be completed in a few days,” Le Maire told journalists at a meeting in Poland.

“The first transaction will be a limited one but this is a starting point and we expect Instex to be an efficient tool,” Le Maire added.

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