The United States and Iran are set to hold talks in Pakistan on Friday after the two sides agreed to a 14-day conditional ceasefire under the mediation of Pakistani Prime Minister Shehbaz Sharif. 

Iran said the talks in Islamabad, which could be extended by agreement, aim to finalize details regarding issues including transit through ‌the Strait of Hormuz, sanctions relief and withdrawal of US combat forces from regional bases. 

The US has not yet confirmed in-person talks but says they are being discussed.

Earlier, US President Donald Trump announced that he had agreed to the ceasefire with Iran, less than two hours before his deadline for Tehran to reopen the Strait of Hormuz or face devastating attacks on its civilian infrastructure in which he had threatened "a whole civilization will die."

Trump wrote on social media that his decision is "subject to" Iran agreeing to the complete, immediate and safe opening of the Strait of Hormuz. 

"The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East," Trump said. 

"We received a 10-point proposal from Iran and believe it is a workable basis on which to negotiate," he said, adding that he expected an agreement to be "finalized and consummated" during the two-week ceasefire.

Trump described the two-week suspension as "a double sided ceasefire." 

The ceasefire proposal was delivered by Sharif, who said he was pleased to announce that Iran and the US have agreed to an immediate ceasefire across all fronts, including Lebanon.

Iranian Foreign Minister Abbas Araqchi said safe passage through Strait of Hormuz would be ensured during the two-week ceasefire in "coordination" with Iranian armed forces. 

Two White House officials confirmed that Israel has ​also agreed to the two-week ceasefire and will suspend its bombing campaign on Iran. A few minutes after Trump's announcement, the Israeli military said that it identified missiles launched from Iran towards Israel.

Iran's 10-point proposal

Iran declared a "historic and crushing defeat" of the United States and Israel after 40 days of war, saying Washington has been forced to accept a 10-point Iranian proposal that includes a permanent ceasefire, the lifting of all sanctions and the withdrawal of US combat forces from the region, according to Iranian news network Press TV.

According to Iran's semi-official Mehr News Agency, the 10 points are as follows:

1. US commitment to ensure no further acts of aggression;

2. Continued Iranian control of the Strait of Hormuz;

3. Acceptance of Iran's nuclear enrichment rights;

4. Lifting of all primary sanctions;

5. Lifting of all secondary sanctions;

6. Termination of all United Nations Security Council resolutions against Iran;

7. Termination of all International Atomic Energy Agency Board of Governors resolutions against Iran;

8. Payment of damages to Iran for loss in the war;

9. Withdrawal of US combat forces from the region;

10. Cessation of hostilities on all fronts, including Lebanon.

(With input from agencies)