Donald Trump says US-Iran deal enters its second stage at G7 summit

The signing ceremony of the US-Iran memorandum of understanding is currently scheduled to take place this Friday in Burgenstock, central Switzerland, authorities say.

Few details of the interim ceasefire deal have been released so far, but it generally calls for the reopening of the Strait of Hormuz and a 60-day negotiation period mainly on Tehran's nuclear programme and the removal of sanctions.

Under the terms, Iran will reportedly gain access to financial incentives of up to 300 billion US dollars if the country meets certain benchmarks.

The location of the formal signing of the pact aimed at ending the war has been confirmed by the Swiss Foreign Ministry, which says the mountain resort of Burgenstock was picked by Pakistani and Qatari mediators, alongside the US and Iran.

A proposed draft of the 14-point memo circulated on media specifies Iran's immediate clearing of underwater sea mines and the restoration of maritime flows from the Persian Gulf to the Gulf of Oman to pre-war levels in 30 days.

The United States and its allies in the region intend to stipulate a plan to rebuild Iran and spur its economy with a 300-billion-dollar private investment fund.

Citing sources, Reuters indicates companies headquartered in the US, Gulf nations, Asia, South America and Africa have pledged various investments spanning energy, logistics, manufacturing and transportation.

Now the fund has secured commitments for over half of its target amount, and it shall not take effect until a final agreement is struck, the report says.

In addition, a provision in the MoU will allow Iran to start selling oil and fuel immediately upon its signing, simultaneously with banking, transportation and insurance services to facilitate sales.

US President Donald Trump states on the sidelines of the G7 summit that the peace deal between the US and Iran is now entering into the second stage, which he believes "would be actually easier." Trump also says the text of the preliminary agreement will be released in the next couple of days, underscoring "Iran won't have a nuclear weapon."

In Washington, the Senate narrowly thwarts a war powers resolution that would halt US military operations against Iran in a 47 to 48 vote.

Lawmakers who have raised doubts about the emerging peace deal shrouded in secrecy say they are expecting a briefing from the Trump administration.

Tim Kaine says "60 days is tight, but again, an off-ramp to a war that was illegal and never should have started is something that we should feel good about, and then we just hope that our negotiators get a good deal and they'll have to bring it back to Congress, pursuant to the INARA (Iran Nuclear Agreement Review Act) bill that I helped write."

Richard Blumenthal says, "We're back to where we were before the war began, except we're in a weaker position, and Iran seems stronger...I think this peace agreement could well be a surrender, in effect, and the president is very reluctant to make it public."

Iranian media reports that personnel from the International Atomic Energy Agency will be barred from entering Iran's nuclear facilities for inspection during their future talks with the US side.