The unanimous adoption of Security Council Resolution 1747 reflects the international community's profound concerns over Iran's nuclear programme. We deplore Iran's failure to comply with the earlier resolutions of the Security Council and the IAEA, and we call upon Iran once again to comply fully with all its international obligations.

We are committed to seeking a negotiated solution that would address the international community's concerns. The purpose of negotiations would be to reach a comprehensive agreement with Iran, based on mutual respect, that would re-establish international confidence in the exclusively peaceful nature of Iran's nuclear programme and open the way to improving relations and developing wider cooperation between Iran and all our countries

We recognise Iran's rights under the NPT to develop research, production and use of nuclear energy for peaceful purposes in conformity with its NPT obligations. In this respect, future arrangements, modalities and timing will be dealt with in negotiations.

Full transparency and cooperation by Iran with the IAEA is essential in order to address outstanding concerns. We reiterate our full support for the IAEA and its staff.

We stand by our "suspension for suspension" proposal. That means that for the duration of negotiations, which would take place within an agreed timeframe, extendable by mutual agreement, Iran would maintain an IAEA verified suspension as required by Security Council Resolutions 1737 and 1747, and Security Council discussion of Iran's nuclear programme would also be suspended, as would the implementation of the measures adopted under the relevant Security Council Resolutions.

We reconfirm the proposals we presented to Iran in June 2006. They include cooperation with Iran on civil nuclear energy, legally-binding guarantees on the supply of nuclear fuel, and wider political security and economic cooperation. These proposals remain on the table.

We urge Iran to take this opportunity to engage with us all and to find a negotiated way forward. Our proposals would bring far-reaching benefits to Iran and to the region, and they provide a means to address the international community's concerns while taking account of Iran's legitimate interests. In a region that has known too much instability and violence, let us find an agreed way forward that builds confidence and promotes peace and mutual respect. In this spirit, we propose further talks with the Islamic Republic of Iran to see if a mutually acceptable way can be found to open negotiations.