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Turkey is considering the possibility of establishing new trade mechanisms with Iran, like the INSTEX system set up by European countries to avoid US sanctions, Turkish Foreign Minister Mevlut Cavusoglu said, Reuters reported.

According to him,  Turkey is opposed to sanctions, and Ankara and Tehran must continue to work in order to  raise their bilateral trade to a target of $30 billion, around triple current levels.

“Along with the existing mechanisms, we evaluated how we can establish new mechanisms, like INSTEX...how we can remove the obstacles before us and before trade,” Cavusoglu told a news conference after talks with his Iranian counterpart Javad Zarif. “What is important here is the solidarity and determination between us,” he added.

France, Germany and the United Kingdom have developed a financial mechanism for trade with Iran to prevent sanctions. The mechanism is called The Instrument In Support Of Trade Exchanges (INSTEX).

Washington’s European allies opposed the decision of President Donald Trump to abandon the 2015 Iranian nuclear agreement.

After reimposing sanctions on Iran, Washington granted waivers to eight nations including Turkey that reduced their purchases of Iranian oil, allowing them to keep buying it without incurring sanctions for six more months.

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