The Obama administration is reviewing its Iran policy and it is willing to talk to Tehran, US Vice President Joe Biden said.

"We'll be willing to talk to Iran and to offer a very clear choice, continue down the current course and there will be continued pressure and isolation, abandon the illicit nuclear programme and your support for terrorism and there will be meaningful incentives," Biden said in his speech at the 45th Munich Conference on Security Policy on Saturday.

According to a transcript of the speech released by the White House, he appealed to the world community for a collective effort to convince Iran to give up its nuclear ambition.

"The Iranian people are great people, the Persian civilization is a great civilization," he said adding, "but Iran has acted in ways that are not conducive to peace in the region or to the prosperity of its own people".