The Palestinian president, Mahmoud Abbas, said on Tuesday from the occupied West Bank that a formula had been accepted by all parties and that a ceasefire had gone into effect at 1600 GMT.
He hailed the agreement as a chance to “build a new nation and end the occupation”, before thanking Egypt, Qatar and the US for their roles in brokering the agreement made during indirect talks in Cairo.
Hamas’s exiled deputy leader, Moussa Abu Marzouk, said the agreement was a “victory for the resistance”.
Crowds took to the bombed-out streets of Gaza to celebrate the end of hostilities. Many used the v-sign to signify Palestinian victory over Israel.
Al Jazeera’s Andrew Simmons, reporting from Gaza, said that the deal agreed an immediate easing of Israel’s blockade of crossings into Gaza, and a gradual lifting of restrictions on fishing off the coast of the strip.
“The embargo will be lifted and the five border posts will see considerable changes, with the Rafah border crossing opening,” he said in reference to the crossing between Egypt and Gaza.
Discussions on the creation of a seaport and airport will take place in a month, when indirect talks betwen Israel and Palestinians are scheduled to resume.
A total of 2,142 people, most of them civilians including more than 490 children, have been killed in Gaza since war broke out on July 8. A total of 69 people have been killed on the Israeli side, nearly all of them soldiers.