US President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding remotely, setting out a framework for negotiations aimed at ending the conflict in the Middle East.

The 14-point memorandum commits the United States and Iran to negotiating and achieving the final deal in a maximum of 60 days, extendable with mutual consent, according to the text released by both governments.

The memorandum called for Iran to reduce uranium enrichment levels as part of the talks, in exchange for the suspension of US sanctions on Iranian oil and the eventual lifting of sanctions if a final agreement is reached.

The United States will begin the removal of its naval blockade and any disturbances or impediments against Iran, and will fully end the naval blockade within 30 days.

The memorandum also includes Iranian commitments not to pursue nuclear weapons and to place parts of its enriched uranium stockpile under the supervision of the International Atomic Energy Agency.

The United States will work with regional partners to develop a definitive, mutually agreed plan worth at least $300 billion for Iran’s reconstruction and economic development.