The luxury Burgenstock resort overlooks Lake Lucerne in central Switzerland. AFP
The Swiss foreign ministry confirmed the location at the mountainside Burgenstock resort near Lucerne, describing the site as difficult to access and therefore easily secured. It "was proposed by the Pakistani and Qatari mediators, as well as by the US and Iran", the ministry said.
Iran’s Deputy Foreign Minister Majid Takht-Ravanchi said the exact venue within the resort has not yet been determined, adding that “the next round of negotiations will begin immediately after the signing.”
He said Washington will be represented by Vance, while “from Iran, it will be Mr Ghalibaf”.
Pakistan, which has mediated the talks, said on Sunday that the United States and Iran had agreed to an “immediate and permanent termination” of military operations, though the text of the agreement has not been released.
The deal is expected to be followed by further “technical” talks aimed at reaching a long-term settlement.
Trump said that once the agreement is signed, the Strait of Hormuz — a vital route for Gulf energy exports — would be reopened and a US naval blockade of Iran lifted.
Iran effectively halted traffic through the strait in response to US-Israeli war launched on Iran on February 28 and sparked a Middle East wider conflict. The disruption of a waterway that carries about a fifth of global oil and gas exports sent energy prices sharply higher, while Tehran later introduced a payment system for transiting ships.
Questions remain over how shipping through the waterway will operate under the agreement. Asked on CNBC whether there was an understanding that the strait would reopen toll-free, Vance said: "Our expectation is that the strait is going to be opened in a toll-free way for the long term, and that's the sort of thing that we're going to figure out in these technical negotiations."
Iran’s foreign ministry said the agreement would allow Tehran to charge maritime service fees rather than impose “tolls.”
Other key details remain unclear, including Iran’s access to frozen funds and sanctions relief.
Vance said any easing of sanctions would depend on a “verification process,” adding: “We say to the Iranians, you are welcome to have access to an unsanctioned economy, you're welcome to be reinvited into the world economy, but only if you honor the commitments that you make in this agreement.”
He said Iran would only regain full access to the global economy if it permanently abandoned its nuclear programme and accepted inspections and verification measures.
Asked who would represent the United States at the signing ceremony, Vance said there would be a “full spectrum of representatives.”
* This story was edited by Ahram Online.
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