An initial agreement on the future shape of Iran's nuclear programme has been reached after marathon talks with six major world powers in Switzerland.

Under the deal, Iran will reduce its uranium enrichment capacity in exchange for phased sanctions relief.

The framework agreement was announced by the European Union and Iran after eight days of negotiations in Lausanne.

US President Barack Obama has termed it a historic understanding with Iran.

United Nations Secretary-General Ban Ki-Moon has congratulated the negotiators on achieving a political framework that paves the way for an historic comprehensive joint plan of action on Tehran's nuclear program.

Third-party Ads