TEHRAN – Head of Export Guarantee Fund of Iran (EGFI) said EGFI is due to sign memorandums of understanding (MOU) for cooperation with some foreign partners in near future, IRIB reported on Sunday.

“To facilitate economic relations between Iran and Europe, MOUs will be signed soon between the Export Guarantee Fund of Iran and some European countries,” Afrouz Bahrami twitted in Farsi.

The official noted that considering the implementation of the Europe’s trade mechanism with Iran (known as INSTEX) in the upcoming weeks, signing of these memoranda can create new capacities for the trade between Iran and Europe within the framework of INSTEX.

“Exchanging credit information between Iranian and European companies, cooperation in collecting dues, joint venture insurance, and technical and educational cooperation are among the subjects of the mentioned MOUs,” Bahrami said.

After the U.S. unilaterally withdrew from the nuclear deal with Iran, the Islamic Republic announced that it will stay in the deal with its European signees.

On January 31, France, Germany and Britain, the three European parties to the JCPOA, announced the creation of INSTEX, a special purpose vehicle aimed at facilitating legitimate trade between European economic operators and Iran. 

On March 20, Iran’s central bank governor Abdolnaser Hemmati announced that a mechanism similar to INSTEX has been registered in Iran, officially called the Special Trade and Finance Institute (STFI).

Iran has criticized Europeans for repeated delays in taking actions in line with keeping the JCPOA.

EF/MA