Switzerland Not to Join INSTEX
IRAN NEWS ECONOMIC DESK
TEHRAN – Chairman of Iran-Switzerland Joint Chamber of Commerce Mr. Sharif Nezam Mafi says Swiss companies have no exports to Iran except medicines and cereals and the trade between both countries is very insignificant
Speaking to ILNA and on the operation of Iran-Switzerland financial mechanism in the current condition for providing food and medicines, he said in fact Iran-Switzerland financial mechanism has been launched but it needs capital in order that companies can have access to it for buying necessary stuff and it now depends on the Central Bank how much it injects cash into the channel for companies to trade.
He noted that Swiss government issues export insurance for those Swiss companies which are active in this mechanism and it can reduce risk for them for exports but all depends on the existing money in the mechanism.
Nezam Mafi went on to say that for now, there is full readiness in the mechanism and now all depends on the capital in it which should be injected by the Central Bank. On the impacts of sanctions on trade between Iran and Switzerland, he said Iran’s exports to Switzerland have extremely dropped and Swiss companies have no exports to Iran except those which are active in pharmaceutical and food sectors.
On Switzerland’s joining to European Union’s financial mechanism, INSTEX, he said it is impossible that Switzerland joins the INSTEX as the country has his own mechanism and it has nothing to do with the INSTEX and INSTEX has different story that EU pursues it.