The United States and Iran have signed a memorandum of understanding aimed at ending their ongoing conflict. Under the agreement, Iran will immediately reopen the Strait of Hormuz, while the United States will lift its naval blockade on Iran. Pakistani Prime Minister Shehbaz Sharif announced the development on Thursday, confirming that both countries’ presidents have signed the document and that he approved it as a mediator.

Sharif stated that the memorandum demonstrates both sides’ commitment to resolving their dispute through diplomacy. He added that the agreement takes effect immediately, with the reopening of the Strait of Hormuz and the removal of the blockade as the first steps.

According to Sharif, Pakistan, with Qatar’s assistance, will host an event in Switzerland on Friday to commemorate the historic development and begin technical-level discussions related to the accord.