The US and Iran electronically signed the "Islamabad Memorandum of Understanding," which calls for the immediate reopening of the Strait of Hormuz, Pakistani Prime Minister Shehbaz Sharif wrote on X early Thursday.
The 14-point document, released Wednesday, entails a commitment from the two nations to negotiate and enter a final agreement within 60 days or extend the deadline with mutual consent.
As part of the memorandum, the US will end its naval blockade of Iranian ports within 30 days, terminate all sanctions, unfreeze Iranian assets, and propose an investment plan of at least $300 billion for the reconstruction and economic development of the Islamic Republic.
The memorandum also includes the "immediate and permanent" end to the war on all fronts, including Lebanon, and ensures that Iran will not buy or develop nuclear weapons.