A US-Iran memorandum of understanding (MoU) could be signed as soon as this weekend or early next week, multiple reports indicate. The 14-point draft pledges the US to lift sanctions, withdraw troops from the region, end the naval blockade, reopen the Strait of Hormuz and release Iran's frozen assets. In return, Iran will reaffirm its commitment not to develop nuclear weapons. According to Iran's semi-official Mehr News Agency, the draft is still pending final review and approval by relevant Iranian authorities. Bloomberg says the signing ceremony will most likely take place in Geneva, Switzerland. CGTN brings you the latest updates.