5 July 2019; MEMO: 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.
