The historic nuclear accord reached between Iran and six international powers, the so-called P5+1 (China, France, Russia, the UK and the US, plus Germany), has been variously described as the world’s greatest investment opportunity, its gravest security threat and its most profound political achievement in years. Perspective matters here. Yet, underlining all of these assumptions is an understanding that the signing of the Joint Comprehensive Plan of Action (JCPOA), the official name of the accord, on July 14, has the potential to reshape not only the regional order but that of the world.
Fittingly for an arrangement of this magnitude, the global response – both positive and negative – has been visceral. Nervous rulers across the Persian Gulf are looking on with suspicion as trade delegations from continental Europe and Asia beat an excited path to the presidential palace in Tehran. Meanwhile, the US congress remains typically divided, largely drawn along party lines.
