The memorandum of understanding between the United States and Iran was electronically signed, according to Iran's foreign ministry spokesman, Esmail Bagai, with information also confirmed by a White House official. As Tehran announced, the document already bears the signatures of US President Donald Trump, and Iran's President, Masud Pezesbian, which makes the planned signing ceremony in Switzerland unnecessary.
The memorandum is the first official step towards reaching a wider agreement between the two countries and includes commitments to end hostilities, lifting sanctions, the future of Iran's nuclear programme and shipping in the Straits of Hormuz.
The signing ceremony in Switzerland is cancelled
According to Esmail Bagai, the ceremony scheduled to take place Friday in Switzerland has no reason to exist, as the two presidents already signed the memorandum electronically.
The Iranian Foreign Ministry spokesman added that within the next few hours it will be decided whether to hold a meeting between the two sides.
Details of the agreement had begun to become known in previous days through leaks from American officials and Iranian media, while the US government released the full text of the memorandum.
At the same time, speaking at the G7 summit in France, Donald Trump warned that the United States would "bomb ruthlessly" Iran if it did not meet the terms of the agreement.
For his part, Iranian Parliament President and principal negotiator of the agreement, Mohammad Bager Galibaf, told the state media that Tehran's mistrust of the United States remains and that Iran is still in readiness.
The 14 points of the memorandum
The official text, entitled ‘Islamabad Understanding Memorandum between the United States of America and the Islamic Republic of Iran’, contains 14 key points:
1. The United States, Iran and their allies are committed to the immediate and permanent termination of military operations on all fronts, including Lebanon, and to avoiding any future military action or threat of violence.
2. The two countries undertake to respect each other's sovereignty and territorial integrity and not interfere in its internal affairs.
3. The final agreement should be concluded within up to 60 days, with the possibility of an extension if both parties agree.
4. The United States will immediately begin the gradual lifting of the naval blockade against Iran, with full completion of the process within 30 days. At the same time, they undertake to remove their forces from the region after the final agreement has been reached.
5. Iran will ensure for 60 days the safe and free passage of merchant ships from the Straits of Hormuz and will cooperate with Oman and coastal states on the future maritime road management regime.
6. The US and its regional partners will prepare an economic reconstruction and development plan for Iran of at least $300 billion.
7. Washington undertakes to proceed with the gradual lifting of all sanctions against Iran, including UN sanctions, International Atomic Energy Agency resolutions and American primary and secondary sanctions.
8. Iran reaffirms that it will not acquire or develop nuclear weapons. The two countries will agree to a mechanism for managing and neutralising enriched uranium reserves under the supervision of the International Atomic Energy Agency.
9. Until the final agreement, Iran will keep its nuclear programme unchanged, while the US will not impose new sanctions or strengthen their military presence in the region.
10. The US Treasury will immediately issue the necessary permits to allow the export of Iranian oil, petroleum products and derivatives, as well as related banking and insurance transactions.
11. The United States undertakes to release Iran's frozen or limited funds and assets, in accordance with procedures agreed in the next negotiations.
12. The two countries will establish a common monitoring mechanism for the implementation of the Memorandum and compliance with the Final Agreement.
13. Following the signing of the memorandum and the launch of the main commitments concerning the cease-fire of hostilities, the Straits of Hormuz, oil exports and the release of funds, negotiations on the remaining issues of the final agreement will begin.
14. The final agreement will be ratified through a binding United Nations Security Council resolution.
Open issues remain crucial
Despite the agreement on the memorandum, American and Iranian officials acknowledge that the most complex issues, particularly those relating to the Islamic Republic's nuclear programme, are referred to the final technical negotiations to follow.
The memorandum triggers a period of 60 days during which both sides will attempt to reach a comprehensive and binding agreement, which will determine the future of bilateral relations and security in the wider Middle East region.