High Representative of the European Union for Foreign Affairs and Security Policy Federica Mogherini said efforts to implement the Special Purpose Vehicle for trade (SPV) will continue into 2019.
Mogherini made the remarks in an article titled 'twelve things to bring with us in 2019' which was published in her weblog on Wednesday.
She referred to the EU efforts to safeguard Iran nuclear deal also known as the Joint Comprehensive Plan of Action (JCPOA) as the most significant political event of 2018 and stressed that they will continue into the new year as well.
Pointing to the US unilateral withdrawal from the deal in 2018, Mogherini reiterated the JCPOA signatories commitment to preserving the deal.
'On behalf of the other countries that negotiated and concluded the deal, I confirmed the international community’s determination to preserve the deal and its implementation,' she wrote in her weblog.
Emphasizing the outcomes of the meeting with the Foreign Ministers of China, France, Germany, Russia, the United Kingdom and Iran which was held on the sidelines of the UN General Assembly, the EU top diplomat said 'European countries have started preparations to create a mechanism to let our firms continue their legitimate business with Iran.'
'The work continues in 2019,' she reiterated.
Mogherini went on to say that preserving Iran deal will strengthen the multilateral non-proliferation architecture that underpins the collective security.
This is while on May 8, the US administration following its withdrawal addiction, walked away from the JCPOA unilaterally.
Earlier, the European news TV channel, Euronews in a report announced that US unilateral withdrawal from Iran nuclear deal was the most important event in 2018.
SPV, also known as special purpose vehicle, is a financial mechanism that the European Union has proposed to facilitate trade with Iran.
Mogherini had recently said that it been finalized and is expected to come into force before yearend.
It is regarded as a special purpose vehicle, a system which is viewed as a mechanism for EU members to keep doing business with Iran despite the US sanctions on Tehran.
The European foreign ministers are unanimous that the 2015 nuclear deal with Iran has to be saved, Mogherini said.
US President Donald Trump backed out from a hard-won multilateral nuclear deal with Iran in May arguing the accord did too little to curb Iran’s nuclear program.
He imposed two rounds of sanctions on Iran, the second of which came into force on Nov 5.
Other signatories to the deal – the UK, France, Germany, China and Russia – opposed Washington’s move saying they will do their best to save the deal.
Trump’s withdrawal from Iran nuclear deal took place while the UN Atomic watchdog, in repeated reports, has confirmed Iran’s commitment to the deal.