As Iranian president Hassan Rouhani stated in a public speech after the signing, the deal has opened a new era for Iran's political interactions.
It will fundamentally change the political map of the Middle East fundamentally and in a short period.
Besides negotiating a nuclear deal, the last round of dialogue has enabled Iran and the US to resume and continue a series of diplomatic negotiations after 34 years of dispute.
Even if these negotiations are limited, they have ended more than three decades of political isolation for Iran.
The signing of the deal will have a significant impact on the Middle East regional politics as well as the policies toward the region adopted by the US, Russia and China. In the regional context, Iran's regional influence will increases as it works closer with the US and its allies in countering Islamic State.
It also poses challenges to the deal's vocal opponents Saudi Arabia and Israel. For Saudi Arabia, the extension of Iran's regional influence and its power base in Iraq and Syria is a potential security threat.
For Israel, the deal is not viewed as ending Iran's nuclear programme which according to Prime Minister Benjamin Netanyahu, can resume in 10 to 15 years from now.
It could further inflame the disagreement between the Americans and Israel over the US Middle East policies and ironically draw Saudi Arabia closer to Israel. Disagreement between US and Saudi Arabia provides China and Russia with more opportunities for investments in the Arab kingdom, while the pending removal of the sanctions should see a rebalancing of the oil market with Iran back as a potentially influential player.
During the 30 years of Iran's isolation by the Western countries, particularly the US, Iran extended its economic ties with China and Russia but the outlook for both could now be less promising as the West eyes investment opportunities in Iran.
The global repositioning arising from ending the sanctions and normalisation of Iran's economic ties potentially creates more balance in the geopolitical map of the region as well as encouraging a more positive role for Iran in Afghanistan and Iraq.
Lastly, it's worth considering the impact that the deal could potentially have on Iran's role in the on-going Israeli-Palestinian conflict.
Through the signing of the deal, Iran may be persuaded by the US and the European Union to encourage Palestinian groups to be commit to the ongoing peace negotiations and programme which, despite Israeli protestations, will provide a more stable security environment in its neighbouring countries.
This is a historical moment that should be hailed and used properly by all parties for a more secure Middle East.
-Dr Negar Partow, who was born and raised in Iran, is a Middle East specialist and senior lecturer in the Centre for Defence and Security Studies at Massey University's Wellington campus.
-Business and civic leaders, organisers, experts in their field and interest groups can contribute opinions. The views expressed here are the writer's personal opinion, and not the newspaper's. Email: editor@hbtoday.co.nz.
