MNA – Chairman of the British Iranian Chamber of Commerce has welcomed the newly established trade mechanism between Iran and Europe, adding that the delay in its launch was because of the US administration's serious opposition.

The delayed establishment of this mechanism- Instrument for Supporting Trade Exchanges (INSTEX), which was announced yesterday by the foreign ministers of three major European states to pave the way for legitimate trade with Iran, was due to US 'serious opposition', according to the Chairman of the British Iranian Chamber of Commerce Lord Norman Lamont.

Lamont told IRNA that the financial instrument will initially meet Iran’s needs for medicine and food, expressing hope that it will expand to oil-related payments in the future.

The British business official stressed that Iran should not depreciate the efforts that were made by Europe in this regard so far.

He underlined that Europe launched the instrument despite US pressures.

His remarks came after France, Germany and the United Kingdom on Thursday issued a joint statement on the creation of INSTEX (Instrument for Supporting Trade Exchanges), a Special Purpose Vehicle aimed at facilitating legitimate trade between European economic operators and Iran.