Iran, Europe to Sign MoU to Broaden Economic Ties

A senior Iranian economic official announced that Tehran and several European states are due to ink a Memorandum of Understanding (MoU) to expand economic relations.

Head of Export Guarantee Fund of Iran Afrouz Bahrami wrote on her twitter page on Sunday that the MoU is to be signed between the two sides to help facilitate trade exchanges.

She expressed the hope that the EU-proposed Instrument in Support of Trade Exchanges (INSTEX) would be implemented in the coming weeks, and said the MoU is to create new opportunities to expand trade cooperation between Iran and Europe.

Bahrami went on to say that the MoU will pave the path for the further exchange of information between the two sides' companies, setting up joint venture insurance, and broadening mutual cooperation in education and technical issues.

Her comments came as Iranian Foreign Minister Mohammad Javad Zarif blasted the US for bullying and illegal measures against his country, and urged the European states to comply with their obligations under the nuclear deal.

"We never violated the nuclear deal, and the US measures to use force violate the UN Security Council's resolution (2231), we counter any move to wage war (on us), powerfully and with resistance," Zarif said in a joint press conference with his Iraqi counterpart Mohammed al-Hakim in Tehran on Sunday.

He also called on the European states to adopt practical measures instead of paying lip service on implementation of the nuclear deal which was hoped to facilitate and develop trade ties with Iran.