India hopes the Iran-US peace deal will restore peace in West Asia and ensure freedom of navigation and commerce, Prime Minister Narendra Modi said on Monday while welcoming the proposed agreement that is set to be signed later this week.Prime Minister Narendra Modi said on Monday that he welcomed the proposed agreement that is set to be signed later this week. (PTI)Iran and the US on Sunday agreed on a memorandum of understanding (MoU) to end more than 100 days of war following negotiations mediated by Pakistan and Qatar. The MoU, scheduled to be formally signed in the Swiss city of Geneva on June 19, will also end the US blockade of Iranian ports and reopen the Strait of Hormuz.“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,” Modi, currently on a visit to Europe, said on social media.“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,” he said. “We look forward to deliberations on the remaining issues reaching a sustainable final agreement.”India, the world’s third-largest oil importer and consumer, had been hit hard by the war that began on February 28, especially Iran’s closure of the Strait of Hormuz, used to transport almost half of the country’s crude requirements.New Delhi has consistently called for a return to dialogue and diplomacy to end the hostilities and backed efforts to ensure unimpeded flows of energy and goods, while adopting a balanced position in view of its relations with all the parties involved in the conflict.The peace deal between Iran and the US was first announced on social media by Prime Minister Shehbaz Sharif of Pakistan, which took on a key role in mediating between the two countries in recent months. “Both sides have declared the immediate and permanent termination of military operations on all fronts, including in Lebanon,” he said. “The official signing ceremony will be on Friday, 19 June, in Switzerland.”Sharif said mediators will facilitate a “series of meetings” this week for “pre-implementation discussions” to lay the foundation for “technical talks” and the signing ceremony.Subsequently, Trump wrote on his Truth Social platform: “The Deal with the Islamic Republic of Iran is now complete.” Trump said the Strait of Hormuz will open on Friday and that he had ordered the end of the US naval blockade of Iranian ports.Iran's Supreme National Security Council said in a statement that the war and military operations on all fronts, including Lebanon, “will end immediately and permanently” from Monday night. Iran’s deputy foreign minister Kazem Gharibabadi said a more expansive agreement, including sanctions relief for Tehran, will be negotiated during a 60-day ceasefire period. The future of Iran's nuclear programme, the most contentious issue, is expected to ⁠be addressed in these talks.Thousands of people were killed, mostly in Iran and Lebanon, since Israel and the US attacked Iran on February 28. Iran retaliated by striking Israel and West Asian countries such as Kuwait, Oman and the United Arab Emirates (UAE) that host US bases and closing the Strait of Hormuz, pushing up oil and gas prices.