EU delegation to visit Iran over INSTEX mechanism

Iran's Foreign Ministry announced on Monday that a European delegation will visit Tehran in the coming days to discuss Europe's Instrument In Support Of Trade Exchanges (INSTEX).

"The launch of INSTEX was the first step," spokesman of Iran's Foreign Ministry, Bahram Qasemi, said in his weekly press conference.

"Over the past weeks, we have had good talks (with the Europeans) concerning economic and banking sections, and in the near future, Tehran will host some European delegations that have responsibilities over the INSTEX," Qasemi added.

During the upcoming meeting, experts of the two sides will discuss the steps to implement the INSTEX, the spokesman said.

On Jan. 31, the European Union announced the setting up of the new institution INSTEX to secure trade with Iran and skirt U.S. anti-Iran sanctions after Washington pulled out of the 2015 landmark nuclear deal last May.