The United States and Iran have officially signed a 14-point memorandum of understanding (MOU), dubbed the 'Islamabad Accord', bringing an end to their prolonged conflict. The agreement, which has been confirmed by the White House, the Iranian Foreign Ministry, and Pakistani Prime Minister Shehbaz Sharif, marks a significant diplomatic breakthrough.
Initially, the prospect of a deal had already led to a notable decrease in global oil prices. Pakistan played a crucial mediating role throughout the peace efforts.
Signing Process and Key Dates:
* The framework agreement was reached on Sunday, June 14. US President Donald Trump declared the deal complete on Truth Social that day.
* An initial digital signing of the MOU took place on Sunday, June 14, by US Vice President J.D. Vance and Iran's chief negotiator Mohammad Baqer Qalibaf, with President Trump witnessing.
* The formal signing by US President Donald Trump and Iranian President Masoud Pezeshkian occurred electronically and remotely on Wednesday, June 17. President Trump signed from France during the G7 summit, while President Pezeshkian signed from Tehran.
* The official confirmation of the agreement was issued on June 18.
Key Provisions of the Accord:
* Immediate and Permanent Cessation of Hostilities: The agreement calls for the immediate and permanent termination of military operations on all fronts, explicitly including the conflict in Lebanon.
* Nuclear Program: Iran has committed to never possessing nuclear weapons and will dilute its remaining uranium.
* Strait of Hormuz and Naval Blockade: The deal ensures the immediate reopening of the Strait of Hormuz for world trade, including the removal of sea mines. The US will also immediately begin removing its naval blockades against Iran.
* Economic Relief and Reconstruction: In exchange for Iran's commitments, the US will lift sanctions and provide large-scale economic relief. A $300 billion fund for Iran's reconstruction and economic development is also part of the agreement, though the US is not required to contribute to this fund.
* Future Relations: Both nations have pledged not to engage in future military situations against each other.
* Negotiation Window: The signing officially activates a 60-day special negotiation window for resolving outstanding bilateral issues between the two nations.
Next Steps:
Preliminary talks are scheduled for Friday, June 19, in Buergenstock, Switzerland, to discuss the implementation of the ceasefire. These discussions will involve the US, Iran, and mediating nations including Qatar and Pakistan, among others.