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Iran | Zarif Announces a New Mechanism Matching European Union's Mechanism For Trade with Iran

Iranian Foreign Minister Mohammad Javad Zarif said the country has set up a mechanism matching the European Union's mechanism for trade with Iran, the Instrument in Support of Trade Exchanges or INSTEX, and informed the EU about the issue.

Speaking at a meeting in Tehran on Sunday with Vito Rosario Petrocelli, the president of the Italian Senate's Foreign Affairs Committee, Zarif pointed to the strong ties between the Islamic Republic and the European country over the past 40 years and expressed hope that its current government would preserve the "good economic relations" with Iran.

He added that Iran has established the mechanism commensurate with the EU’s INSTEX and informed the block about the establishment.

For his part, the Italian senator praised Tehran-Rome ties as age-old and called for efforts to deepen the bilateral relations.

He further announced that an Italy-Iran parliamentary friendship group has been formed in the Italian Senate.