Bern (Switzerland)

The United States and Iran are set to hold their initial round of talks following the ceasefire agreement which was signed Wednesday virtually by US President Donald Trump and Iranian President Masoud Pezeshkian, Reuters reported on Thursday citing the Swiss government.

As per Reuters, the talks are slated to take place at the Buergenstock mountaintop resort in Switzerland on Friday.

"As things stand, the plan is still for the U.S. and Iran, along with mediators Pakistan and Qatar and other involved countries, to meet tomorrow at Buergenstock for initial negotiations about implementing the agreement," the Foreign Ministry was quoted as saying by Reuters.

"No further information is currently available regarding the schedule and details of this meeting,"it further noted.

This comes after the Swiss Foreign Ministry in an official statement called peace and security in West Asia a priority of it foreign policy and said, "The FDFA (Federal Department of Foreign Affairs) is in close contact with the US, Iran, Pakistan and Qatar to facilitate the possible signing of a Memorandum of Understanding at the Burgenstock in the canton of Nidwalden."

US President Donald Trump non Wednesday evening signed the Memorandum of Understanding (MoU) during a dinner at the Palace of Versailles while he was being hosted by French President Emmanuel Macron.

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.

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.

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.

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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).