European Union foreign policy chief Federica Mogherini said on Tuesday that preserving and implementing the 2015 nuclear deal with Iran is “an absolute must”.

“We cannot afford to undermine the credibility of a multilateral agreement, endorsed by the UN Security Council Resolution, and we cannot afford to dismantle a deal that works and delivers on its promises,” she said during her speech at the European Parliament plenary session.

Following is an excerpt of her speech published by the EU website:

It took us twelve years of extremely difficult negotiations, led by the European Union, to achieve these results. Renegotiating the deal or part of it is simply not an option – no one can possibly in good faith believe that this is a credible way to follow.  

After President Trump’s announcement on a new U.S. strategy towards Iran, we Europeans have made our position very clear. Preserving the deal is our shared security interest, and the best way for the United States to address their security concerns which are also ours, is in close cooperation with us, Europeans.

Dismantling a nuclear agreement that is working would not put us in a better position to discuss all the rest – the contrary would happen.

In fact, this is what we always do in our contacts with Iran. Discussing all the issues we have on the table, from cooperation to the difficult ones, including regional issues. On November 20th we held the latest EU-Iran High Level Dialogue, and as you know, I meet regularly with Foreign Minister [Mohammad Javad] Zarif. For more than two years now, we have built a very frank relationship with Iran: we are always open about our disagreements, and there are many, and we always try to find the best way to address them.

Since we reached the nuclear deal, our engagement with Iran has entered into a new phase.

Trade between Iran and Europe increased 94 percent in the first half of 2017, compared to the first half of 2016. Oil exports have reached pre-sanctions level, and billions of outstanding oil debts have been paid back. Foreign Direct Investment is increasing, and the Iranian government reported a growth of 55 percent compared to the previous year.

“Progress in the financial and banking sector has been slower due to a number of factors. But important work is being carried out to improve the situation - also including on the Iranian side.” 
Progress in the financial and banking sector has been slower due to a number of factors. But important work is being carried out to improve the situation - also including on the Iranian side.

Civil nuclear cooperation is also integral part of the deal - and let me stress here, as the debate refers to the Iran nuclear deal, I am focusing here on the implementation of the deal and all the nuclear related parts of it.