U.S. President Donald Trump and Iranian President Masoud Pezeshkian have signed an interim agreement aimed at extending the ceasefire between the United States, Israel, and Iran for an additional 60 days while reopening the strategically vital Strait of Hormuz.

The agreement, signed on Wednesday, establishes a temporary framework to halt hostilities and create conditions for a broader and more permanent settlement. Under the deal, Washington and Tehran will have 60 days to negotiate a comprehensive agreement addressing Iran's nuclear program, regional security concerns, and economic sanctions.

According to details released by officials, the 14-point agreement includes provisions for ending military operations related to the recent conflict, reopening the Strait of Hormuz to international shipping, and reducing Iran's stockpile of enriched uranium through a process of dilution or downblending.

In return, Iran could receive sweeping sanctions relief and gain access to a proposed reconstruction and economic development fund reportedly valued at $300 billion, pending the successful conclusion of final negotiations.

Pakistan's Prime Minister, who played a key mediating role during the talks, announced that the agreement entered into force with “immediate effect,” marking a significant diplomatic breakthrough after weeks of heightened regional tensions.

The head of the International Atomic Energy Agency welcomed the agreement, stating that “now the technical work starts,” referring to the complex verification and implementation measures required under the nuclear provisions of the accord.

American and Iranian negotiators are scheduled to meet in Switzerland on Friday to begin discussions on a long-term settlement. Diplomats say the upcoming talks will focus on nuclear verification mechanisms, sanctions relief, regional security arrangements, and the implementation of economic assistance measures.

The interim accord is being viewed as one of the most significant diplomatic developments in U.S.-Iran relations in recent years and could have major implications for regional stability, global energy markets, and international security.