US-Iran Peace Deal: The long-running conflict between America and Iran now appears to be on the way to a peaceful resolution. A draft agreement of peace deal has come out between the two countries, which is expected to be signed soon. According to the draft, there has been agreement between the US and Iran on many issues including nuclear program, oil trade, Strait of Hormuz and frozen funds worth billions of dollars.
Three issues on which the whole deal rests
Iran’s nuclear program has always been the biggest headache for Washington. According to the draft, the most important promise Iran is making is not to produce nuclear weapons. Iran has clearly stated that it will neither develop nuclear weapons itself nor try to acquire them through any other means.
Along with this, there is also a consensus on reducing the stock of Highly Enriched Uranium present in Iran. However, the technical details of this process are yet to be decided. According to the draft, both sides will finalize these technical aspects in the next two months.
There has been tension over the Strait of Hormuz since the beginning of the US-Israel-Iran war. A large part of the world’s oil trade passes through this route. Under the proposed agreement, Iran will immediately open this waterway to all commercial vessels, without any tolls or barriers. In return, America will lift the blockade on Iranian ports. This will not only stabilize oil prices but will also normalize the global supply chain.
The biggest benefit for Iran is the release of frozen funds. It is estimated that America has agreed to release funds worth approximately $25 billion. This money may be available through direct transfer, credit line or regional cooperation. Also, temporary relaxation will be given in some oil sanctions imposed on Iran, which will enable it to sell oil in the international market and strengthen its economy.
The deal is considered final and it is expected to be signed soon. US President Donald Trump has claimed that the agreement will be signed on Sunday, June 14. Pakistan Prime Minister Shahbaz Sharif had also said that preparations for signing through digital medium have been completed. However, Iran rejected his claim.