The United States on Wednesday released the official text of the memorandum of understanding reached over the weekend with Iran.
The Arab media outlet Al Arabiya English has claimed that it has obtained a copy of the proposed memorandum between the US and Iran, which includes several important points such as ending the war, phased lifting of sanctions, restoration of the Strait of Hormuz, and economic reconstruction of Iran.
Titled the “Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran,” the document was released after general concern that its text hadn’t been released publicly.
According to the document, the United States, Iran, and their allies will announce an immediate and permanent ceasefire on all fronts in Lebanon, Iran, and other fronts upon signing the agreement. Both countries will be bound to refrain from any kind of military action, threats, or use of force against each other in the future.
Under the proposed memorandum, the United States and Iran will recognize each other’s sovereignty, territorial integrity, and the principle of non-interference in internal affairs. Both countries will reach a final agreement through negotiations within 60 days, and extension will also be possible with mutual consent.
According to the document, the United States will lift the naval blockade on Iran immediately after signing the agreement, while within 30 days, commercial activities in the Strait of Hormuz and other sea routes will be restored to pre-war levels. The United States will also be obliged to reduce or end its military presence in nearby regions within 30 days after the final agreement.
Under the agreement, Iran will restore the movement of commercial shipping between the Arabian Gulf and the Sea of Oman and will take steps to remove technical obstacles, including sea mines.
The document also includes a comprehensive plan for Iran’s economic recovery, under which the United States and its regional partners will work on a financial support and investment framework of at least 300 billion dollars, the details of which will be finalized within 60 days after the final agreement.
According to the proposed memorandum, the United States will prepare a mutually agreed schedule for the lifting of United Nations, IAEA, and unilateral US sanctions on Iran, while special licenses will be issued to ease restrictions on Iranian crude oil, petrochemical products, banking, insurance, and shipping.
On the nuclear issue, Iran has once again reiterated that it will never develop nuclear weapons; however, the final decision regarding enriched uranium and other nuclear matters will be made in the upcoming comprehensive agreement.
It is further stated that during negotiations, Iran will maintain the current status of its nuclear program, while the United States will not impose new sanctions and will also not further increase its military power in the region. In addition, the United States will agree to gradually release Iran’s frozen assets and financial resources, while a joint monitoring mechanism will be established to oversee implementation of the agreement.
According to the proposed memorandum, the final agreement will be ratified through a binding resolution of the United Nations Security Council.
Also Read: FM Asim Munir’s efforts for regional peace draw Nobel Prize support
