"In our view one possibility to resolve the issue could be establishment of regional consortiums on fuel cycle development with the participation of regional countries," Mottaki told a session of the Conference on Disarmament held in the Palace of Nations.

Such consortiums should be jointly operated by the regional states which have already developed fuel cycle programs at the national level and intend to develop further their program for civilian purposes, he said.

According to the minister, the costs and benefits of the consortiums should be shared by the participants, while countries outside the region may also participate in such regional arrangements based on modalities agreed between the parties.

The regional consortiums would be placed under the safeguards of the International Atomic Energy Agency (IAEA), Mottaki said, indicating that this would be a contribution to strengthen the IAEA safeguards and increase the scope of international cooperation in the nuclear field.

The minister made the suggestion after a UN Security Council statement on Wednesday urged Tehran to suspend its nuclear activities within 30 days.

At a press conference in the Palace of Nations, Mottaki did not comment directly on the Security Council statement.

He reiterated that Iran's nuclear activities were for peaceful means and in compliance with obligations within the Nuclear Non-Proliferation Treaty.

He said Iran would not give up its legitimate rights for civilian nuclear development, but the country would continue to work sincerely with the IAEA to seek a diplomatic solution to the nuclear issue.