New Delhi, June 15: Prime Minister Narendra Modi on Monday welcomed the landmark peace understanding reached between the United States and Iran, expressing hope that the agreement would help restore peace, stability, and economic confidence across the West Asia region.
In a statement shared on social media platform X, Prime Minister Modi said the prolonged conflict had caused significant economic disruption worldwide and resulted in the loss of lives across several countries.
"I welcome the understanding reached between the United States and Iran on ending the conflict in West Asia, which has caused serious economic disruption across the world and led to loss of life in many countries," PM Modi said.
The Prime Minister emphasized that India expects the implementation of the agreement to contribute to regional stability while ensuring uninterrupted maritime trade and freedom of navigation, both of which are crucial for global commerce and energy supplies.
"India hopes that the implementation of this understanding will help restore peace and stability in the region and ensure the freedom of navigation and commerce. We look forward to deliberations on the remaining issues reaching a sustainable final agreement," he added.
Major Diplomatic Breakthrough Between Washington and Tehran
The peace understanding marks a significant diplomatic breakthrough between Washington and Tehran after months of tensions that had raised concerns across international markets and among global leaders.
US President Donald Trump announced the agreement on Sunday through his Truth Social platform, describing it as a step toward bringing peace and security to West Asia.
"The deal with the Islamic Republic of Iran is now complete," Trump stated. "Ships of the world, start your engines. Let the oil flow!"
The agreement is expected to facilitate the reopening of the strategically important Strait of Hormuz, one of the world's most critical energy shipping routes through which a significant portion of global oil exports passes.
Iran Outlines Conditions for Final Agreement
Following the announcement, Iran's Deputy Foreign Minister for Legal and International Affairs, Kazem Gharibabadi, confirmed the agreement and outlined Tehran's conditions for moving ahead with formal negotiations.
According to Iranian state-affiliated media, the official signing ceremony is scheduled to take place in Switzerland on Friday. The text of the Memorandum of Understanding (MoU) will be released publicly after the signing.
Iran has stated that it will participate in a proposed 60-day negotiation period for a comprehensive final agreement only after verifying that the United States has fulfilled commitments related to ending hostilities, lifting restrictions, and releasing Iranian assets.
Global Leaders Welcome the Peace Agreement
The development has received widespread support from international leaders and organizations.
European Commission President Ursula von der Leyen and European Council President Antonio Costa welcomed the agreement and called for its swift and full implementation by all parties involved.
They stressed that restoring freedom of navigation remains essential for global trade, energy security, and economic growth.
Leaders from across the world have described the US-Iran peace understanding as a rare diplomatic opportunity to reduce tensions in West Asia, stabilize energy markets, and create momentum toward resolving long-standing concerns regarding Iran's nuclear program.
Impact on Global Economy and Energy Markets
The agreement is expected to have significant implications for global energy markets. Analysts believe reduced tensions around the Strait of Hormuz could ease concerns about oil supply disruptions and improve investor confidence.
The reopening of key maritime trade routes may also support global economic recovery efforts by ensuring smoother movement of energy resources and commercial goods.
As the world awaits the official signing ceremony in Switzerland later this week, governments and markets alike will be closely watching the implementation of the agreement and the progress of future negotiations between the United States and Iran.
