English हिन्दी
Connect with us

Latest world news

Five Major Powers to Establish Mechanism Pay Iran’s Exports

Published

on

Five Major Powers to Establish Mechanism Pay Iran’s Exports

Disgruntled with US President Donald Trump’s pressure to isolate Iran, Washington’s traditional allies including France, UK and Germany plus Russia and China have promised to establish a ‘special purpose vehicle’ to facilitate payments for Tehran’s exports.

The ministerial level representatives from the remaining parties of the 2015 Iran nuclear deal, also known as JCPOA, met with Iranian foreign minister Mohammad Javad Zarif at United Nations headquarters in New York on Monday as part of their efforts to salvage the deal.

According to Tehran based Press TV. Federica Mogherini, the Chief of  European Union’s Foreign Policy and Iranian Foreign Minister Mohammad Javad Zarif held a joint press conference to elaborate on the results of a meeting between the remaining parties of JCPOA, namely France, the UK, Germany, Russia, China, and Iran.

According to a joint statement issued by the participants and read out by Mogherini and Zarif during the press conference, the meeting “took stock of the process of finding and operationalizing practical solutions for issues arising from the unilateral withdrawal of the US from the agreement and the re-imposition of the sanctions lifted under the JCPOA and its Annex II.”

The statement further said, “Mindful of the urgency and the need for tangible results, the participants welcomed practical proposals to maintain and develop payment channels, notably the initiative to establish a special purpose vehicle to facilitate payments related to Iran’s exports, including oil, and imports, which will assist and reassure economic operators pursuing legitimate business with Iran.”

Five Major Powers to Establish Mechanism Pay Iran’s Exports

It said, “The participants reaffirmed their strong will to support further work aimed at the operationalization of such a Special Purpose Vehicle as well as continued engagement with regional and international partners.”

The statement said that the participants also “welcomed the fact that updates to the EU’s “Blocking Statute” and the European Investment Bank’s external lending mandate to make Iran eligible entered into force on 7 August.”

Iran’s official news agency IRNA reports from New York that the ministerial meeting of Iran and P4+1 was held in the United Nations to discuss the problems faced with implementation of the nuclear deal following US unilateral withdrawal. Before the US withdrawal, the deal used to be known as P5+1 deal, having five permanent members of UN Security Council plus Germany as its signatories.

Read More: US Still Studying On Possible Iran Sanctions Waivers

In May this year, the US President Donald Trump had announced Washington’s withdrawal from the multi-lateral deal. Since then US is working to re-impose its sanctions on Tehran and push the world to cut trade with Iran. First layer of sanctions were imposed in early August while the second layer of tougher sanctions are scheduled to be imposed on November 4.

According to Iranian media reports, the EU has already offered Iran a support package to compensate for the US pullout, which obliges the European Investment Bank to support EU firms willing for trading with Iran.

The participants in the Monday New York meeting have also recognized that “Iran has continued to fully and effectively implement its nuclear-related commitments as confirmed by 12 consecutive reports by the International Atomic Energy Agency (IAEA), and reiterated the need to continue to do so.”

The Participants said they will continue to support the modernization of Iran’s Arak nuclear research reactor as part of the JCPOA and the conversion of the Fordow facility in a nuclear, physics, and technology centre.

Read More: Khamenei: Iran, Russia can jointly contain US

The meeting between the remaining parties to the Iran nuclear deal came after bilateral talks between Zarif and Mogherini, during which the latter said Europe is finalizing its offers to meet Iran’s demands in a bid to save the deal.

Earlier this month, Bahram Qassemi, the spokesman for Iran’s Foreign Ministry had noted that the offers made by Europeans to save the deal had so far failed to meet Tehran’s expectation. However, he said that Tehran was still hopeful Europe could convince it to remain in the deal.

Latest world news

PM Modi to begin two-day Israel visit, defence and trade in focus

PM Narendra Modi begins a two-day Israel visit aimed at strengthening defence cooperation, trade ties and upgrading bilateral relations to a special strategic partnership.

Published

on

pm modi

Prime Minister Narendra Modi will begin a two-day visit to Israel on Wednesday, with defence and trade cooperation high on the agenda. The visit is expected to further deepen the growing strategic engagement between the two countries.

During the trip, India and Israel are set to upgrade their relationship to a “special strategic partnership”, marking a significant step beyond the strategic partnership established in July 2017 during the Prime Minister’s first visit to the country.

Sources indicated that the new framework would enable expanded collaboration, including joint development of advanced defence systems and a strengthened understanding to support each other during times of need.

High-level engagements in Jerusalem

Mr Modi will be received at the airport by Israeli Prime Minister Benjamin Netanyahu and his wife Sara. The two leaders are scheduled to hold a one-on-one meeting shortly after his arrival.

In Jerusalem, the Prime Minister will interact with members of the Indian community before addressing lawmakers at the Knesset, a distinction reserved for select global leaders.

On Wednesday evening, he will attend a technology exhibition showcasing Israel’s advancements, with leading Israeli industry executives expected to be present. Mr Netanyahu will also host a private dinner in his honour.

Tribute at Yad Vashem and presidential meeting

On Thursday morning, Mr Modi will pay tribute to Holocaust victims at Yad Vashem. He is also scheduled to meet Israeli President Isaac Herzog during the visit.

Defence cooperation and technology partnerships

Several memorandums of understanding are expected to be signed, including a widely discussed agreement in the defence sector. As part of the proposed arrangement, a secrecy mechanism will reportedly be created to facilitate expanded cooperation in previously restricted areas.

Local media reports have indicated discussions around air defence systems and possible integration of India into Israel’s laser-based air defence system, Or Eitan.

Beyond defence, the two nations are expected to formalise cooperation in emerging and disruptive technologies such as artificial intelligence, quantum research and cybersecurity.

In New Delhi, the Ministry of External Affairs said the visit would reaffirm the deep-rooted strategic partnership and provide an opportunity to align efforts in addressing shared challenges while strengthening collaboration between the two democracies.

Defence cooperation has been a cornerstone of India-Israel relations, with Israel supplying a range of military platforms and weapon systems to India in recent years. Bilateral ties have also expanded in fields including scientific research, innovation and cybersecurity.

Continue Reading

Latest world news

Trump says tariffs will replace income tax, criticises Supreme Court setback in key address

Donald Trump has said tariffs collected from foreign nations could eventually replace income tax in the US, while criticising a Supreme Court ruling against his earlier import duties.

Published

on

trump

US President Donald Trump has said that tariffs collected from foreign countries could eventually replace the modern system of income tax in the United States, arguing that such a shift would ease the financial burden on American citizens.

Speaking during his annual State of the Union address, Trump defended his sweeping tariff measures, asserting that countries which had “ripped off” the US for years were now paying billions of dollars in duties.

“As time goes by, I believe that tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love,” he said.

The Republican leader credited tariffs as a key driver behind what he described as an economic turnaround. According to him, the US collected “hundreds of billions of dollars” through import duties, which he said helped secure favourable economic and national security deals.

“Countries that were ripping us off for decades are now paying us hundreds of billions of dollars,” Trump said, adding that the arrangements had resulted in growth and no inflation during that period.

Supreme Court ruling draws sharp reaction

Trump also criticised a recent 6-3 ruling by the Supreme Court of the United States that struck down his earlier sweeping import duties. He termed the verdict “very unfortunate” but maintained that most countries and corporations would continue to honour agreements already negotiated.

He said alternative legal provisions would allow his administration to retain similar tariff measures without requiring new congressional approval. “They’re a little more complex, but they’re actually probably better,” he said, referring to the legal statutes under which the revised duties would be imposed.

Hours after the ruling, Trump signed a fresh order imposing a 15 per cent tariff on imports from around the world. The new measure falls under a law that limits such duties to 150 days and is expected to take effect almost immediately.

Reciprocal tariffs and global backlash

On April 2, Trump announced “reciprocal” tariffs of up to 50 per cent on imports from countries with which the US runs trade deficits, along with a 10 per cent baseline tariff on most other nations. He invoked a 1977 law to declare the trade deficit a national emergency, which he said justified the sweeping import taxes.

Following global backlash, the administration suspended the reciprocal tariffs for 90 days to allow negotiations. According to Trump, several countries agreed to new trade terms during that period, while others faced steeper duties for not complying.

Reiterating his stance, Trump also linked tariffs to what he described as conflict resolution efforts abroad, saying the “threat of tariffs” had helped him settle disputes.

Continue Reading

Latest world news

Trump repeats claim of averting India-Pakistan nuclear war during Operation Sindoor

Donald Trump has claimed that Pakistan’s Prime Minister told him 35 million people could have died during Operation Sindoor if the US had not intervened. India denies any third-party mediation.

Published

on

US President Donald Trump has once again asserted that his administration prevented a potential nuclear conflict between India and Pakistan during last year’s military tensions, claiming that Pakistan’s Prime Minister told him that millions of lives were at stake.

Trump cites Pakistan PM in fresh remarks

Addressing a joint session of the US Congress during his State of the Union speech, Trump said he had ended eight wars within the first ten months of his second term, including tensions between India and Pakistan.

“Pakistan and India would have had a nuclear war,” Trump said. “Thirty-five million people, said the Prime Minister of Pakistan, would have died if it were not for my involvement.”

He attributed the remark to Pakistan Prime Minister Shehbaz Sharif, claiming Sharif told him that US intervention helped prevent catastrophic casualties during the crisis.

Repeated claims of mediation

Trump has repeatedly stated that his administration brokered peace between the two South Asian neighbours. Since May 10 last year, he has claimed on multiple occasions — including through social media posts — that Washington facilitated a “full and immediate” ceasefire between India and Pakistan following talks.

The tensions followed India’s launch of Operation Sindoor on May 7. The operation targeted what India described as terror infrastructure in Pakistan and Pakistan-occupied Kashmir. New Delhi said the strikes were carried out in response to the April 22 Pahalgam attack that left 26 civilians dead.

India rejects third-party role

India has consistently denied any external mediation in the cessation of hostilities. According to New Delhi, the understanding to stop military action was reached through direct communication between the Directors General of Military Operations (DGMOs) of both countries.

Indian officials have maintained that no third-party intervention played a role in the talks that led to the halt in hostilities.

Trump’s renewed remarks are likely to draw attention again, given India’s firm stance that the de-escalation was the result of bilateral military-level engagement rather than US-led diplomacy.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com