China seriously supports the efforts made by European countries to set up the Instrument in Support of Trade Exchanges (INSTEX) with Iran and preserving Iran nuclear deal, the Chinese Foreign Ministry spokesman said.

Speaking to the Islamic Republic News Agency (IRNA) on Friday, Geng Shuang said launching INSTEX indicates EU determination to stand against unilateralism and to support multilateralism.

Referring to the fact that INSTEX promotes the economic cooperation between Iran and the international community, he said as the third party, China will boost this mechanism soon. 

He went on to say that China also supports EU political and diplomatic efforts to preserve Iran deal also known as the Joint Comprehensive Plan of Action (JCPOA).

China believes that JCPOA is an important multilateral achievement and an international agreement which has been verified by the UNSC and should be implemented completely and effectively, Shuang noted.

Chinese spokesman reiterated that launching INSTEX will result in maintaining peace and stability in the Middle East in line with international community’s interests. 

He also expressed hope for all parties to follow diplomacy and this agreement.

Following the US' withdrawal from Iran nuclear deal, the EU took stance against the move by undertaking projects to help preserve the international pact.

By implementing the Blocking Statute, the EU companies’ compliance with the US foreign sanctions was annulled.

In a news meeting in Bucharest late Thursday, German, British and French foreign ministers officially announced the commissioning of the European special financial mechanism, known as INSTEX.