Switzerland on Thursday welcomed the signing of the memorandum of understanding between the US and Iran, noting that the stakeholders and mediators are set to meet at the resort town of Burgenstock on Friday for initial negotiations.

“Switzerland welcomes the signing of the Memorandum of Understanding between the United States and Iran yesterday by both countries at the highest level,” the Foreign Ministry said in a statement. “The signing is an important step toward de-escalation in the region.”

“Currently, the plan remains for the United States and Iran, along with the mediators Pakistan and Qatar and other involved countries, to meet tomorrow at the Burgenstock for initial negotiations on the implementation of the agreement,” it added.

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Iran said early on Thursday that a 14-point MOU with the US aimed at ending the war had been formally finalised after the presidents of both countries signed the text of the agreement.

Iranian Foreign Ministry spokesman Esmail Baghaei said the “Islamabad memorandum” had become fully official after being signed by both Tehran and Washington, according to remarks carried by Iran’s semi-official Mehr News Agency.

Baghaei added that the agreement was signed digitally and confirmed that negotiations under the memorandum would focus exclusively on nuclear issues and sanctions relief.

He further said the two sides would hold talks for up to 60 days, with the possibility of extending negotiations if necessary due to the complexity of the issues involved.