Versailles [France], June 18 (ANI): French President Emmanuel Macron on Wednesday (local time) welcomed the signing of the Iran-United States Memorandum of Understanding (MoU), describing it as an important step toward lasting peace and the reopening of the strategically vital Strait of Hormuz.

In a post on X, Macron confirmed that US President Donald Trump signed the agreement during a dinner at the Palace of Versailles and expressed hope that the development would contribute to lower global energy prices.

'President Trump signed tonight at Versailles the agreement between Iran and the United States. This agreement paves the way for lasting peace and allows the reopening of the Strait of Hormuz. It is an important step in the right direction for our compatriots that will soon enable a decrease in energy prices,' Macron said.

https://x.com/EmmanuelMacron/status/2067400239657410963

The White House also shared a video showing Trump signing the document alongside Macron during the dinner meeting in Versailles.

'President Donald J. Trump has SIGNED the Iran Memorandum of Understanding at Versailles in France,' the White House said in a post on X.

https://x.com/WhiteHouse/status/2067393004239814711

The agreement marks a significant diplomatic development between Washington and Tehran. According to CNN, US President Donald Trump and Iranian President Masoud Pezeshkian virtually signed the 14-point memorandum aimed at ending hostilities between the two countries, reopening the Strait of Hormuz and launching a 60-day process to negotiate a comprehensive final agreement.

CNN reported that a White House official confirmed Trump personally signed the document on Wednesday while in France, while Pezeshkian signed it separately, bringing the agreement into immediate effect.

The United States subsequently released the official text of the 'Islamabad Memorandum of Understanding between the United States of America and the Islamic Republic of Iran.'

A senior US administration official described the agreement as a framework designed to reopen the Strait of Hormuz immediately, address Iran's stockpile of enriched uranium and create a pathway for phased economic relief tied to Tehran's compliance with the deal.

According to Iran's Press TV, Foreign Ministry spokesperson Esmaeil Baghaei confirmed that the memorandum had been finalised and signed by both sides following consultations involving Oman and other countries.

The 14-point agreement provides for an immediate cessation of military operations, including in Lebanon, and commits both countries to pursuing a final agreement within 60 days. It also includes provisions for the removal of the US naval blockade, safe passage of commercial vessels through the Strait of Hormuz, phased sanctions relief, the release of frozen Iranian assets and a US-backed economic development programme for Iran worth at least USD 300 billion.

The memorandum further states that Iran has reaffirmed it will not develop or acquire nuclear weapons and envisages future discussions regarding enriched uranium stockpiles under the supervision of the International Atomic Energy Agency (IAEA). (ANI)