Paris, Jul 15 (IANS): French President Francois Hollande on Tuesday said "it's now time for action" to implement "a serious and verifiable" nuclear agreement that Iran and the world's six powers reached earlier in the day, his office said.

Over a phone conversation with his US counterpart Barack Obama, Hollande praised negotiators' efforts to bridge differences to come out with the much-awaited "historic" agreement, Xinhua reported.

After six months of talks, the world's six major powers and Tehran reached an agreement on Tuesday that will lift sanctions on Iran, clearly place strict limits on the Iranian nuclear programme, set a robust verification system and possibly reinstate sanctions in case of violation, the Elysee said.

"It is up to Iran to implement, in the line with outlined calendar, all the planned measures. It is essential that Iran could now become a responsible player in the stability of its neighbourhood," Hollande said.