$300 billion reconstruction plan among key elements of near-final United States-Iran deal

The United States and Iran are reportedly nearing a preliminary agreement designed to preserve.

Their fragile ceasefire and open the door for broader negotiations on Tehran’s nuclear programme, sanctions relief and regional security issues. According to multiple reports, mediators from Pakistan and Qatar have spent weeks facilitating indirect talks between the two sides, resulting in a proposed 60-day memorandum of understanding (MoU). The draft framework is intended to extend the ceasefire while formal negotiations continue.

Despite reports of progress, the agreement has not yet been finalised. US Vice President JD Vance said President Donald Trump had not yet approved the document and that negotiators were still discussing certain provisions.

“It’s hard to say exactly when or if the president is going to sign the MOU,” Vance said, adding that both sides had made “a lot of progress.”

Iran’s Tasnim News Agency, citing sources close to Tehran’s negotiating team, also reported that the text remained incomplete and stressed that any agreement would only become official once announced by Iran.

If approved, the MoU would serve as a temporary framework to facilitate longer-term negotiations over Iran’s nuclear activities, economic sanctions and a formal end to the wider regional conflict.

One of the central issues in the proposed deal concerns the Strait of Hormuz, one of the world’s most strategically important shipping routes. Reports suggest the agreement would guarantee unrestricted commercial shipping through the strait, with Iran committing to remove naval mines within 30 days.

In return, the United States would begin easing its naval restrictions once commercial traffic resumes. However, differences reportedly remain over the timeline. Iranian negotiators are said to be pushing for the full lifting of the US blockade within 30 days, while the American side reportedly prefers a phased approach tied to the restoration of pre-war shipping levels.

The draft agreement also outlines a framework for negotiations over Iran’s nuclear programme. Tehran would reportedly reaffirm that it is not seeking nuclear weapons, while both sides would begin discussions over the future of Iran’s stockpile of enriched uranium and the rules governing future enrichment activity.

According to reports, Iran currently possesses around 970 pounds of highly enriched uranium, along with nearly 10 tonnes of lower-enriched nuclear material that would also be subject to negotiations.

Sanctions relief is another major component of the discussions. The US is expected to discuss the possible release of frozen Iranian assets and broader economic relief measures during the negotiation period. Iran is estimated to have roughly $24 billion frozen abroad and has reportedly sought access to as much as $20 billion.

The draft proposal also includes plans for humanitarian assistance and mechanisms to facilitate the flow of goods into Iran during the talks.

Regional security issues form another key part of the proposed arrangement. The agreement reportedly contains provisions aimed at reducing tensions in Lebanon and ending hostilities between Israel and the Iran-backed Hezbollah group.

The issue has reportedly emerged as a point of friction between Trump and Israeli Prime Minister Benjamin Netanyahu amid Israel’s intensified military campaign against Hezbollah.

Another significant aspect of the draft framework is a proposed international investment initiative for Iran. Reports indicate the US would support the creation of a $300 billion reconstruction and investment programme if a final agreement is eventually reached.

Iranian officials have reportedly suggested that American energy and oil companies could participate in future investment and joint venture projects in Iran under a broader economic normalisation plan.

Despite signs of progress, major uncertainties continue to surround the negotiations. Reports suggest both sides may still be working from slightly different versions of the draft agreement, while questions also remain over who within Iran’s leadership structure has the authority to formally approve the deal.

Differences over the duration of maritime restrictions, the definition of a ceasefire and the scope of commitments regarding Lebanon and regional hostilities are also yet to be fully resolved.