The United States and Iran on Wednesday unveiled a 14-point interim agreement aimed at ending the ongoing conflict between the two countries, restoring commercial shipping through the Strait of Hormuz and launching negotiations for a broader peace settlement.

 

The document, titled the Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran, was read out to reporters by a senior US official. It outlines a framework agreement that postpones some of the most contentious issues—including the future of Iran’s nuclear programme—until a final accord is negotiated.

 

1. The two sides are expected to begin formal negotiations in Switzerland on Friday, with a target of reaching a comprehensive agreement within 60 days.

 

1. Under the memorandum, the US and Iran, along with their respective allies involved in the conflict, agreed to an immediate cessation of military operations and pledged not to initiate further hostilities or threaten the use of force against each other.

 

1. The agreement also commits both countries to respecting each other’s sovereignty and refraining from interference in internal affairs.

 

1. A key provision requires the United States to begin lifting its naval blockade and other restrictions against Iran immediately, with a commitment to fully end the blockade within 30 days. In return, Iran agreed to facilitate the safe passage of commercial vessels through the Persian Gulf and the Strait of Hormuz for an initial period of 60 days while undertaking de-mining and other measures to restore normal shipping traffic.

 

1. The memorandum envisages broader discussions on the future administration and maritime services of the Strait of Hormuz involving Oman and other Gulf littoral states, in accordance with international law.

 

1. The agreement also contains significant economic commitments. The United States pledged to work with regional partners on a reconstruction and economic development plan for Iran worth at least $300 billion. The implementation mechanism is expected to be finalised as part of a comprehensive agreement.

 

1. Washington also committed to terminating sanctions against Iran—including US primary and secondary sanctions and measures linked to international institutions—under a mutually agreed schedule to be determined during final negotiations.

 

1. On the nuclear issue, Iran reaffirmed that it would not seek to acquire or develop nuclear weapons. The two sides agreed to negotiate a mechanism for addressing Iran’s stockpile of enriched nuclear material, with down-blending under International Atomic Energy Agency (IAEA) supervision identified as a minimum option.

 

1. Pending a final agreement, Iran will maintain the current status of its nuclear programme, while the United States will refrain from imposing new sanctions or deploying additional military forces in the region.

 

1. The memorandum further provides for immediate waivers by the US Treasury Department to permit exports of Iranian crude oil, petroleum products and related services, including banking, insurance and transportation.

 

1. Washington also committed to making available frozen or restricted Iranian assets and to issuing the necessary licences and authorisations to facilitate their use.

 

1. Both countries agreed to establish a monitoring mechanism to oversee implementation of the memorandum and ensure compliance with any future final agreement.

 

1. The document states that negotiations on a comprehensive settlement will begin once initial confidence-building measures—including the ceasefire, easing of maritime restrictions and economic relief provisions—are implemented.

 

1. Any final agreement reached between the two sides is expected to be endorsed through a binding United Nations Security Council resolution.