While the European Union shares United States concerns over Iran's ballistic missile programme and its regional interventions in the Middle East, it argues that such concerns fall outside the scope of the nuclear accord, a landmark achievement which must be preserved as there's no evidence that Tehran is violating its obligations.
A statement said they were determined to "protect the freedom of their economic operators to pursue legitimate business with Iran".
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"The murderous regime and its supporters will face significant consequences if they do not change their behaviour". "The ongoing, multinational, multicontinental nature of Iranian malign activity leaves no room for inaction or indecision".
"To keep the deal alive we need concrete solutions so that payment channels can be kept open and trade with Iran remains possible", German Foreign Minister Heiko Maas said after the meeting in NY.
The "special goal vehicle" would aim to "assist and reassure economic operators pursuing legitimate business with Iran", according to a statement released by the remaining members of the Iran nuclear deal - France, the UK, Germany, Russia and China.
On Wednesday, Rouhani told reporters at the United Nations that the USA withdrawal from the deal was "a mistake" and that he believes America will "sooner or later" support the deal.
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Whether that is enough to keep Iran on board remains to be seen.
EU and Iran agreed late Monday to establish a financial facility in the European Union to facilitate payments for Iranian imports and exports including oil.
On North Korea, Trump called for sanctions to be strictly enforced against Pyongyang - a message directed at Russian Federation and China which are pushing for an easing of punitive measures to reward North Korean leader Kim Jong Un.
Highlighting just how hard it will be for the Europeans to come up with concrete solutions, French state-owned bank Bpifrance on Monday abandoned its plan to set up a financial mechanism to aid French companies trading with Iran.
A first round of American sanctions took effect in August, targeting Iran's access to the US dollar, metals trading, coal, industrial software, and auto sector.
The report said oil exports are falling even though Iran is selling key grades of oil at a deep discount and using its own tankers to ship products to China and India at no extra cost.
One of the major agenda of Trump address in United Nations as been related to subduing Iran and its nuclear operations.
U.S. President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the annual gathering of world leaders on Tuesday with Trump vowing more sanctions against Tehran and Rouhani suggesting his American counterpart suffers from a "weakness of intellect".