After nearly a decade of negotiations, the world has concluded a nuclear deal with Iran. It has been a fitful process, with numerous missed deadlines and equally plentiful calls to end talks without agreement. Common sense and perseverance prevailed, however, and the seven parties — the P5+1 (Britain, China, France, Germany, Russia and the United States) and Iran — hammered out a deal. The agreement freezes Iran's nuclear program for the next decade in exchange for gradual sanctions relief that occurs as Tehran complies with its obligations. This is a win for diplomacy and a win for the world.

The framework for the agreement, officially called the Joint Comprehensive Plan of Action (JCPOA), was reached earlier this year in Lausanne, Switzerland; a final deal was supposed to be concluded on June 30, but negotiations stretched on until Tuesday. The key provisions of the deal include the removal of two thirds of the centrifuges Iran has to enrich uranium — a reduction from about 19,000 to 6,000 — and the destruction of 98 percent of Tehran's holdings of enriched uranium, and other elements; the country's stockpile of low-enriched uranium will be cut from 10,000 kg to 300 kg. Heavy-water reactor programs will be abandoned and Iran will not engage in any spent fuel reprocessing (or try to develop that capacity) for 15 years. The International Atomic Energy Agency "Roadmap for Clarification of Past and Present Outstanding Issues" will be implemented and the agency will monitor implementation of the entire agreement as implement transparency measures for the JCPOA.

Economic sanctions — including an oil embargo — will be rolled back gradually as inspectors confirm Iran's compliance with the agreement, but the U.S. financial system will remain beyond reach. Similarly, the existing U.S. ban on arms sales will remain while a United Nations ban on weapons sales will be reduced as Iran complies with the agreement. Significantly, Iran has agreed to "snap back provisions" that permit the reimposition of sanctions within 65 days if Iran fails to honor its terms.