The proposed deal would provide a 60-day window for continued negotiations, primarily focused on Iran's nuclear program, and a ceasefire, according to Axios. Israel's war against Iran-backed Hezbollah in Lebanon would also be covered by the ceasefire.
The goal is to ultimately sign a peace agreement that ends the conflict.
Trump wants time to think
Negotiators were able to agree on the terms of the memorandum of understanding on Tuesday, according to Axios's sources. Trump has reviewed the proposal.
The president told the mediators he wanted a couple of days to think about it, a source said.
If the memorandum of understanding is approved by the leaders of both countries, it would represent a crucial diplomatic breakthrough. But at the same time, difficult talks will continue on key issues related to Iran's nuclear energy program and stockpiles of highly enriched uranium.
The proposed 60-day agreement includes the possibility of resuming “unimpeded” shipping through the Strait of Hormuz - that is, without threats or tariffs. Iran is also required to clear the strait of mines for a period of 30 days.
Port blockade lifted
The US blockade of Iranian ports will be lifted, but only once commercial shipping through the Strait of Hormuz can resume, according to Axios.
Iran will also commit to not seeking to develop nuclear weapons, while the US will open up to sanctions relief and the release of frozen Iranian assets. In addition, a mechanism to facilitate the delivery of humanitarian aid and other goods to Iran will be discussed.
A source familiar with the negotiations told the Iranian state-controlled Tasnim news agency that it is not true that an agreed proposal is on the table. Iranian negotiators have not communicated such a proposal to the Pakistani mediators, the source said.
The ongoing ceasefire between the countries was announced on April 8 after Pakistani mediation.
