MOCK
Q.409- FRAMED FROM "THE HINDU"
Q.
With reference to the news what is “INSTEX” ?
A)
It is a 2000 ft long device to start clean up in the North Pacific Ocean
B)
It is a transaction channel that will allow companies to continue trading with
Iran despite US sanctions
C)
It is a natural gas pipeline being developed with the participation of the
Asian Development Bank
D)
It is the rule book that sets out how countries will provide information about
their Nationally Determined Contributions
Ans.
B
•
The transaction channel will allow European businesses to trade with Iran,
despite strict US sanctions.
•
Though the payment channel is a project of Britain, France and Germany, it will
receive the formal
endorsement
of all 28 EU members.
•
It will support legitimate European trade with Iran, focusing initially on the
sectors most essential
to
the Iranian population such as pharmaceutical, medical devices and agri-food
goods.
•
In the longer term, INSTEX aims to be open to third countries wanting to trade
with Iran.
•
However, INSTEX is not yet operational as it needs Iran to set up a parallel
structure of its own,
which
may take some time to complete.
•
While it is aimed at small and medium-sized companies, it is expected to send
an important message to
Iran
about Europe's commitment to keep the nuclear deal alive.
Objective
The
launch of the special payment channel is a clear and practical demonstration of
Europe's commitment
to
continuing the nuclear deal.
It,
however, does not in any way preclude the European Union from addressing Iran's
hostile and
destabilising
activities.
Europe
has toughened its tone on Iran's ballistic missile programme, human rights
record and
interference
in Middle East conflicts.
