Washington: The United States and Iran have taken a significant step towards peace by signing a memorandum of understanding (MOU) aimed at ending their prolonged conflict. This development was announced by senior U.S. administration officials who revealed that a formal signing ceremony is scheduled to occur later this week.
According to Yonhap News Agency, the MOU was electronically signed by U.S. President Donald Trump, Vice President JD Vance, and Iran's parliamentary speaker Mohammad Bagher Ghalibaf. The agreement aims to extend the current ceasefire for 60 days, during which the two nations will engage in negotiations to address nuclear and other critical issues in the pursuit of a final peace agreement.
The official signing ceremony is set to take place in Switzerland on Friday. An important aspect of the MOU is the provision for toll-free transit through the Strait of Hormuz for 60 days, a vital shipping route for oil, natural gas, and other commodities. U.S. officials have expressed expectations that toll-free passage will be included in the final peace agreement.
Additional details of the MOU are set to be disclosed within the next couple of days. A key principle for the U.S., as stated by one official, is to ensure transparency in the negotiations with Tehran. The vice president will continue to play a leading role in these discussions.
The MOU promises a "significant increase" in vessel movements through the Strait of Hormuz, which had been largely closed during the conflict initiated by the U.S.-Israeli attack on Iran. While a return to normal traffic levels may take time, particularly due to the need for mine clearance and ensuring safe passage, the officials highlighted the immediate impact of the agreement.
The agreement explicitly states that the Strait will remain toll-free for 60 days, and there are expectations for this provision to be extended beyond the initial period. Iranian state media have reported that post the 60 days, the waterway will be jointly managed by Iran and Oman, emphasizing the importance of restoring free passage to support global economic stability.
The conflict has trapped vessels, including two dozen linked to South Korea, in the Strait of Hormuz. South Korea and other nations are optimistic about an early peace settlement to facilitate the release of these stranded vessels.
Regarding the absence of Iran's Supreme Leader Mojtaba Khamenei in the deal's signing, officials explained that the parliamentary speaker holds significant influence in Iran's national system and acts with the supreme leader's sanction.
U.S. officials stated that any benefits under the peace deal would depend on Iran's adherence to the agreement. Potential benefits include releasing frozen funds and easing sanctions, contingent upon Iran meeting verifiable milestones in implementing the deal.
The U.S. is prepared to make initial gestures, such as releasing frozen Iranian funds, if Iran reciprocates with actions demonstrating its commitment to the deal. The ultimate goal is for both parties to take verifiable steps towards a lasting resolution, marked by actions rather than words.