Tel Aviv - Israel said Thursday that the US-, French- and Russian-proposed uranium exchange deal with Iran would only delay by one year Tehran's alleged progress toward a nuclear weapon.

Defence Minister Ehud Barak said the downside of the agreement was that it granted international recognition to uranium enrichment by Iran.

He urged the international community to go further and demand a complete stop to enrichment on Iranian soil.

"If this agreement is implemented, it will take them back a year, but there is a fly in the ointment. It means that they (the US, Russia and France) recognize that Iran is enriching uranium and that helps them (Iran) with their argument that they are enriching uranium for peaceful purposes," Barak said.

"It is important to insist on an end to enrichment in Iran," he told Israel Radio.

Iranian President Mahmoud Ahmadinejad earlier Thursday in a televised speech welcomed the uranium exchange deal proposed with Russia, the United States and France and said Iran was "ready for cooperation."

But he did not say whether Iran would officially accept the deal as it was agreed in Vienna last week, or demand amendments.

According to Iran's Mehr news agency, Iran is to present the Iran's official reply to the International Atomic Energy Agency in Vienna on Thursday. (dpa)