Beijing: China`s foreign minister on Wednesday urged both sides to make compromises as nuclear talks between Iran and world powers entered a seventh day in Switzerland after missing a midnight deadline for a framework deal.

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"While each party has its own position, in this final phase, all parties must be prepared to meet each other halfway in order to reach an agreement," Wang Yi said in a four-point proposal distributed to journalists in Lausanne.

"It would take a process to resolve the Iranian nuclear issue, which must be advanced step by step and on the basis of reciprocity. All parties must shoulder their responsibilities," he said.

Wang, who left the talks on Tuesday leaving his deputy to continue negotiating, also called on world powers and Iran to "provide stronger political guidance ... and make a political decision at an appropriate time."

Iran and the six powers -- the US, China, Russia, France, Germany, Britain and Germany -- on Tuesday missed a midnight deadline to agree the outlines of a potentially historic deal.

Foreign ministers, including US Secretary of State John Kerry, continued the talks into the early hours of the morning.

Russian Foreign Minister Sergei Lavrov, who left the talks early Wednesday, told Russian media that the negotiators had reached "an agreement in principle on all key aspects of the final settlement".

A senior US official however said there was not yet full agreement on key points.