Six European nations join Iran barter system

Six European nations join Iran's barter system

Syllabus subtopic: Effect of policies and politics of developed and developing countries on India's interests, Indian diaspora.

News: Paris, London and Berlin on Saturday welcomed six new European countries to the INSTAX barter mechanism

Prelims focus: about INSTEX barter mechanism, working and members

Mains focus: the significance of the move, U.S-Iran issue and its impact on India’s trade with Iran and other aspects of the geopolitics

What is it?

The Instrument in Support of Trade Exchanges (INSTEX ) is designed to circumvent U.S. sanctions against trade with Iran by avoiding the use of the dollar.

Founding members: France, Germany and the United Kingdom

Six new members: Belgium, Denmark, Finland, the Netherlands, Norway and Sweden

It's objective:

The Parisbased INSTEX functions as a clearing house allowing Iran to continue to sell oil and import other products or services in exchange. The system has not yet enabled any transactions.

Conclusion:

The accession of the six members strengthens INSTEX and demonstrates European efforts to facilitate legitimate trade between Europe and Iran.

Source: The Hindu

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