After the meeting between the signatories of Iran nuclear deal (JCPOA), Iran’s Deputy Foreign Minister Abbas Araghchi announced that the EU-Iran trade vehicle known as “Instrument in Support of Trade Exchanges” (INSTEX) is now operational. The European representatives have also confirmed the news.

According to Fars News, Araghchi described his talks with the representatives of the five JCPOA member countries as positive and constructive, and said: “INSTEX is now operational and the remaining 2 or 3 issues are being fixed and in the next few days we will start financial transfers using INSTEX.”

INSTEX works as a barter arrangement operating outside of the US-dominated global financial system (dollar). Trade is initially expected to focus on non-sanctionable essential goods such as humanitarian, medical and farm products.

Araghchi stated that the three European countries offered comprehensive explanations.

At the same time, Brian Hook, special U.S representative for Iran, said that European companies must choose between trading with Iran or the United States.

Iran’s deputy foreign minister continued: “It was a positive and constructive session and a step forward compared to our previous meetings.” However, he said that such efforts are still far from the Islamic Republic’s ideal situation.

Previously, the spokesperson for Iran’s ministry of foreign affairs had said that if INSTEX is just a formality and does not meet Iran’s needs, Tehran’s next steps would be decisive.