An agreement to limit Iran's nuclear agenda has finally been reached after over a decade of negotiations and four missed deadlines. Diplomats converged in Vienna are set to announce the 'transformational' deal in a few hours.

The formal announcement of the historic deal will be made on Tuesday morning. Foreign ministers from Iran, U.S., Russia, Britain, China, Germany, France and the European Union (EU) will hold a final session at the United Nation's headquarters in Vienna, where they will officially announce the agreement.

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The Guardian reported that the EU's foreign policy chief Federica Mogherini and diplomats of the seven countries involved in the talks will meet for a final photo, after which a press conference will be held to announce the agreement at 11a.m. BST.

Iranian Foreign Minister Mohammad Javad Zarif and Mogherini are expected to read a joint statement highlighting parts of the extensive agreement.

According to Haaretz, after their announcement, officials are expected to publish five scheduled components of the 500-page nuclear deal. However, only the political details of the agreement would be made public.

President Barack Obama and Iranian President Hassan Rouhani are also expected to announce the deal from their different capitals soon.

The deal, which western diplomats have described as 'transformational,' involves Iran limiting its ambitious nuclear program in exchange for relief from economically strangling sanctions.

The agreement, known as the joint comprehensive plan of action, will see Iran allow inspectors from the International Atomic Energy Agency (IAEA) to conduct investigations on any suspicious facilities including military bases. According to Reuters, such investigations will only be allowed after a consultation with Iran and world powers.

It is still unclear if the agreement includes the removal of the arms embargo and missile program restrictions against Iran. Tehran has pushed for its removal. China and Russia - both major arms suppliers to the Islamic Republic - have supported the request. But the U.S. opposes it over fears that a removal of the embargo would pave the way for Iran to provide arms to Assad's Syrian government and Hezbollah in Lebanon.

U.S. Diplomats insist that a removal of the embargo would take years as it would be temporary and gradual, and based on the success of the nuclear agreement.

Tehran's willingness to reveal its past militaristic nuclear activities to the IAEA is a prerequisite for the removal of some international sanctions.

The Iranian government has sworn to provide UN inspectors with all answers relating to its military programs by the end of the year.

Additionally, Iran has also agreed to allow inspections into the Parchin military base, where nuclear weapon experiments were allegedly conducted. Iranian nuclear scientists have also been allowed to provide UN inspectors with information and evidence during the visit.

AP reported that despite these clauses, Iran has the right to question UN inspection requests. In such an event, a board of arbitrators composed of Iran and world powers will hear the issue.

A UN Security Council resolution on the agreement is expected to be adopted in July, and Iran's limitation of its nuclear program and ensuing relief from sanctions would begin during the first quarter of 2016.

Despite reaching an agreement that averts a new war in the Middle East, the nuclear deal is expected to come under criticism and attacks from its opponents in the U.S. Israel and Iran.

Israeli Prime Minister Benjamin Netanyahu described the deal as "a bad mistake of historic proportions."

"Iran will get a jackpot, a cash bonanza of hundreds of billions of dollars, which will enable it to continue to pursue its aggression and terror in the region and in the world," he said. "Iran is going to receive a sure path to nuclear weapons."

The U.S. Congress seems to be the greatest obstacle to the deal. Republicans, who have a majority in the house, are expected to vote against the agreement following a 60 day review period. 

TagsIran nuclear deal, International Atomic Energy Agency (IAEA), Iran Nuclear Deal Reached, Iran nuclear weapons, Iran Nuclear Agreement