TEHRAN -- Political analyst Ali Karami believes that the West can bring an end to Iran’s nuclear standoff by accepting Tehran’s proposal to set up a consortium to enrich uranium on Iranian soil.

Iran on Tuesday suggested that France could set up a consortium to produce enriched uranium on Iranian soil as a way out of the impasse over Tehran's nuclear program.

“The West can end all the tensions about Iran’s nuclear program with the least cost by accepting the proposal because the European Union can monitor Iran’s nuclear activities just like the International Atomic Energy Agency (IAEA),” Karami told the Mehr News Agency on Saturday.

Russia and China, as two major powers involved in talks over the issue, can play a key role in resolving the matter by taking part in the proposed consortium.

The five permanent UN Security Council members -- the United States, Russia, China, Britain, and France -- plus Germany held talks on Iran on Saturday in London. In a statement issued by host Britain, the P5+1 group agreed to discuss sanctions next week.