Reuters:
Iran and six major world powers reached a nuclear deal on Tuesday, capping more than a decade of negotiations with an agreement that could transform the Middle East.
U.S. President Barack Obama hailed a step towards a “more hopeful world” and Iran’s President Hassan Rouhani said it proved that “constructive engagement works”. But Israelpledged to do what it could to halt what it called an “historic surrender”.
The agreement will now be debated in the U.S. Congress, but Obama said he would veto any measure to block it.
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Obama said Iran had accepted a “snapback” mechanism, under which sanctions would be reinstated if it violated the deal. A U.N. weapons embargo is to remain in place for five years and a ban on buying missile technology will remain for eight years.
Alongside the main deal, the United Nations nuclear watchdog, the International Atomic Energy Agency, announced an agreement with Iran to resolve its own outstanding issues by the end of this year. The main deal depends on the IAEA being able to inspect Iranian nuclear sites and on Iran answering its questions about possible military aims of previous research.
For Iran, the end of sanctions could bring a rapid economic boom by lifting restrictions that have shrunk its economy by about 20 percent, according to U.S. estimates. The prospect of a deal has already helped push down global oil prices because of the possibility that Iranian supply could return to the market.
