Iran nuclear deal

EU foreign policy chief Catherine Ashton (2nd L) delivers a statement in Geneva, Switzerland, Nov. 24, 2013. After intensive negotiations, the P5+1 group and Iran have reached a first-step agreement on Iran's nuclear program, EU foreign policy chief Catherine Ashton announced. [Wang Siwei/Xinhua]

The P5+1 group, consisting of UN Security Council members and Germany, reached a deal with Iran after five days of talks in Geneva on Nov. 24. Under the agreement, the U.S. and its allies will lift certain economic sanctions on Iran with an estimated value of about US$7 billion. In exchange, Iran agreed to halt enrichment above 5 percent and neutralize its stockpile of near-20 percent uranium. Both sides have called the deal an initial step for confidence building.