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Iran says Europe can still save nuclear deal
Iran
TEHRAn’S latest standpoint on the future of the nuclear deal is that Europe can save it either by persuading Washington to restore sanctions waivers for Iran’s oil exports or by arranging a credit line for the Islamic Republic.
Iran’s deputy foreign minister, Abbas Aragh- chi, outlined the position in an interview with state TV on August 29.
The options, according to Araghchi, have been presented to French President Emmanuel Macron during several recent phone calls with Iran’s President Hassan Rouhani. Macron has been active in exploring how to prevent Iran abandoning the 2015 nuclear accord, which the US unilaterally walked out of in May 2018 as President Donald Trump opted to switch to a heavy sanctions regime designed to wreck Iran’s economy to the point that Tehran comes to the table to accept a stricter agreement. Iran, France, Germany, the UK, Russia and China remain signed up to the existing deal but Iran says its trade and investment spheres have received so little protection from US sanctions from the sig- natories – and particularly from Europe’s major powers who the Iranians had most pinned their hopes on – that remaining part of the accord will soon not have any real value.
“What Mr Rouhani has told Macron is that if Europe wants to preserve the nuclear deal then they must establish our ability to sell oil,”
Araghchi said, referring to the US policy in existence since May that aims to drive Iranian oil exports to zero. “ ere are two options or solu- tions—one is for them to go to the Americans and get waivers again for oil buyers so they can buy oil from Iran, or if they cannot do that, they themselves should buy that level of oil, using a credit line.”
Iran, meanwhile, has again dismissed the idea of talks with Washington while Trump remains outside the deal and sticks with his “economic war” against Tehran. On a visit to Kuala Lumpur, Foreign Minister Javad Zarif said the Americans should “buy a ticket which gets them full com- pliance to the nuclear agreement” if they want negotiations with Iran, the semi-o cial Iranian Students’ news Agency reported, citing Malay- sian television.
Iran has lately made some moderate breaches of the nuclear deal. Araghchi said the country will restore full compliance once it can sell oil and have unhindered access to its oil revenues.
Earlier this week, Trump said he would support an idea backed by Macron of extend- ing what he called a “letter of credit” to Iran, secured by oil, to help the country meet short- term nancial obligations. Compliance with the nuclear deal, which aims to keep Iran’s nuclear development programme purely civilian, is sup- posed to protect Iran from heavy sanctions.
Iranian, Indian officials holding out hope for PTA by 2020
Iran
OFFICIALS of Iran and India are working on concluding a short-term preferential trade agreement (PTA) this year, Live Mint reported on August 29. Tari cuts on speci c products are under discussion.
India has an agreement with Tehran to develop Iran’s only oceanic port, Chabahar on the Sea of Oman. As the port expands, ship- ments sent across the Indian Ocean should help push up India’s trade with Iran, the Central Asian nations and Afghanistan. anks to the impor- tance Chabahar could have in building up war- torn Afghanistan’s economy, the US has chosen not to sanction Iranian and Indian investments made in developing it.
e PTA is to contain a bartering agreement. Goods exchanges involving no cash transactions might help the trading parties bypass payment gateways that could be targeted by the US in its
push to throttle Iran’s economy with heavy sanc- tions. It is too early to tell whether the PTA could include Iranian oil exports—which the US is attempting to entirely force o world markets— but it is likely that Iran will attempt to make the exchange of crude oil and petrochemicals for food items, including rice, part of the agreement.
India and Iran have held four rounds of talks on the PTA so far. Progress has been slow.
e Iranian ambassador to new Delhi, Ali Chegeni, is working on arranging the PTA and also on formalising a proposed Bilateral Invest- ment Protection Agreement (BIPA). is is to be signed by both sides at some point a er the PTA is in place.
A Double Taxation Avoidance Agreement (DTAA) is also on the cards. It has the approval of the Indian government while the approval of the Iranian cabinet is pending.
Week 35 03•September•2019 w w w . N E W S B A S E . c o m P9
