United States and Iran has already signed the 14-point ceasefire agreement, which is not a final truce, but it's a significant step forward to end the war in Iran, that started when United States bombed Iran on February 28 and killed Supreme Leader Ali Khamenei. Multiple outlets report that US President Donald Trump and Iran President Masoud Pezeshkian signed digitally the memorandum, written in English and Farsi, on Wednesday, before a more official ceremony will take place this Friday in Geneva.
It is believed to be the first agreement signed by both a U.S. and Iranian president since the Islamic Republic's founding in 1979, according to Reuters, and both countries commit to the immediate and permanent end of the war on all fronts, including Lebanon, which is a topic that has angered Israel as they would not be allowed to continue their occupations in the country, although it is not sure if this will force Israel to withdraw from southern Lebanon.
Most notably it also includes the reopening of the Strait of Hormuz for 60 days without any toll. However, Iran has said that the Strait will not return to pre-war conditions and Iran will receive a fee from ships using it in the future. "Iran has the right to sovereignty over the strait of Hormuz", said Iran's chief negotiator, Mohammad Bagher Ghalibaf, on Iranian TV (via The Guardian).
Iran will be allowed to have nuclear programme and ballistic missiles
The agreement includes multiple concessions by Trump, and Ghalibaf described it "a record of US failure", while Trump reminded that this is not a final truce and "if I don't like it, we'll go back to shooting them and dropping bombs on their heads" during the G7 summit.
Some of the concessions include United States ending "all types of sanctions" against Iran, including the resolution by the International Atomic Energy Agency (IAEA), allowing them to keep their stockpiles of highly enriched uranium and resume their nuclear programme, with Iran promising that they will never produce nuclear weapons.
Another important topic, one not featured in the 14-point memorandum but addressed by Trump with the press in the G7 summit, is that Iran will be allowed to retain their ballistic missiles. "They have to have some, because other people have some. You got to have some. What am I going to do? Am I going to let Saudi Arabia have missiles, but they can't have them?", said Trump.