"It would change our world," he said.
Hosting his last nuclear security summit, Obama said the world has measurably reduced the risk of nuclear terrorism by taking "concrete, tangible steps."
He said no terrorists have thus far obtained nuclear material, and he praised recent moves by Argentina, Switzerland and Uzbekistan for getting rid of their stockpiles of highly enriched uranium.
Still, Obama said, the prospect of the Islamic State group or other extremists getting a weapon remains "one of the greatest threats to global security." He pointed out that IS had already used chemical weapons and that al-Qaida has long sought nuclear material.
For the dozens of world leaders assembled in Washington this week, the harrowing risk of nuclear terrorism has been front and center, alongside concerns about North Korea's nuclear weapons programme. Yet Obama worked to open the summit's final day on an optimistic note, hailing the nuclear agreement with Iran as a "substantial success" and a model for future diplomacy.
Obama sought to use the controversial Iran deal as an argument for his carrot-and-stick approach to deterring nuclear proliferation as he huddled with other UN Security Council members who negotiated the deal with the US. He credited Iran with taking steps to meet its commitments, though critics of the deal are livid about the sanctions relief Iran is receiving in response.
Obama acknowledged that the nuclear deal hasn't swept away other issues the US and other nations still have with Iran; support for terrorism and Tehran's ballistic missile program typically top that list.
Still, he said all the nations that negotiated the deal could agree that it's been an effective way to address the narrower issue of nuclear proliferation in Iran.
"This is a success of diplomacy that hopefully we will be able to copy in the future," Obama said.
After six years of prodding by Obama and others before him, the global stockpile of fissile material that could be used in nuclear bombs remains in the thousands of metric tons.
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