TEHRAN- Germany’s BGA trade association announced that the mechanism known as the Instrument in Support of Trade Exchanges, or INSTEX, created by France, Germany and Britain to facilitate trade with Iran is legitimate and sends an important signal of Europe’s reliability as a trade partner, Reuters reported.

According to the BGA President Holger Bingmann, questions nonetheless remain about the exact structure of the INSTEX.

The Bundesweite Gründerinnenagentur (BGA) is a federal agency that acts as a Germany-wide one-stop shop for information and support services for women entrepreneurs.

In their joint statement on that last day of January, French Foreign Minister Jean-Yves Le Drian, German Foreign Minister Heiko Maas, and British Foreign Secretary Jeremy Hunt introduced the INSTEX also called the SPV (a special purpose vehicle), the financial mechanism which enables Iran to keep doing business with the rest of the world despite the draconian financial sanctions imposed by the Trump administration.

Financed jointly by the E3, registered in France and run by a German banker, the INSTEX is in accordance with E3 resolute commitment and continued efforts to preserve the JCPOA endorsed by United Nations Security Council resolution 2231.

HJ/MA