Under the MOU, an initial 60-day negotiation period, which can be extended, will begin once the preliminary agreement is signed.

Iran’s Foreign Ministry has said that the signing of a memorandum of understanding in Switzerland, expected to take place on Friday, could take place in the presence of President Masoud Pezeshkian and Donald Trump.

Previously, Iran had said that Washington and Tehran would be represented by Vice President JD Vance and Parliament Speaker and top negotiator Mohammad Bagher Ghalibaf, respectively.

On Wednesday, ministry spokesperson Esmaeil Baghaei told reporters that Iran’s plans “for the Swiss summit have not changed”.

“Regarding the manner of signing the memorandum of understanding, one of the ideas is for it to be done by the presidents of the two countries, which is currently being considered,” he added.

Speaking at the G7 summit in France earlier, Trump said he expected the agreement with Iran to be signed “shortly” without specifying the exact date.

“The deal we reached with Iran on Sunday will be signed shortly, tomorrow [Thursday], maybe the next day [Friday],” Trump told a news conference after previous announcements that it would be signed on Friday in Switzerland.

Hormuz to be ‘restored to normal’

In a statement, Baghaei added that maritime traffic in the Strait of Hormuz will be restored to normal within a defined timeframe, while insisting that outside powers will have no role in the process and that managing that process would be handled by Iran alone.

“This is our own task, and we alone will do it, and there will be no need for participation or intervention from other parties,” he stated.

“Iran and Oman will cooperate to develop a mechanism for managing the Strait of Hormuz, and we will exchange views with other countries in the region wherever necessary.

He said that Iran and the US agreed to “negotiate a final agreement within 60 days”, adding that the naval blockade “must end within 30 days.

A senior US official, briefing reporters on Wednesday, said the MOU establishes a new “minimum” threshold for downblending Iran’s stock of highly enriched uranium and contains measures aimed at safeguarding Lebanon’s “territorial integrity” following Israel’s latest strikes on Hezbollah inside the country.

In exchange, Washington would move to waive, though not fully lift, some of its broad sanctions on Iran once the agreement is signed.

The US-drafted text also guarantees toll-free transit through the Strait of Hormuz for a period of just 60 days, and leaves open the possibility that transit fees could be imposed later, the official added on condition of anonymity.