(BSS/AFP) - Vice President JD Vance said Monday that the US expects Iran will not charge tolls on shipping through the Strait of Hormuz, but that the issue would be discussed as part of the new peace deal.

Mediator Pakistan announced on Sunday that the United States and Iran had agreed to an "immediate and permanent termination" of military operations, but the text of their peace deal has yet to be released.

The deal is expected to be signed on Friday in Switzerland and be followed by further "technical" talks on a long-term agreement.

US President Donald Trump said that with the signing, the Strait of Hormuz -- a vital waterway for Gulf energy exports -- would be reopened and a US naval blockade of Iran would be lifted.

Asked on CNBC if there was an understanding with Iran that the strait would reopen toll-free for just an initial period of 60 days or indefinitely, 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 meanwhile said on Monday that the deal would allow it to charge maritime service fees on ships transiting the Strait of Hormuz, rather than imposing tolls.

Uncertainty also surrounds other key aspects of the deal, including Iran`s access to its frozen funds and relief from international and US sanctions.

Vance did not give specifics on the terms of the relief Monday, but emphasized that it was "built around a two-step verification process."

"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."

"You don`t have access to the money to rebuild that nuclear program," Vance said, "but if you`re willing to give up that program long term, if you`re willing to accept the inspections and verification regime that`s necessary to give us the confidence you`re never going to have a nuclear weapon, then we want you to be a prosperous country, and we will reinvite you into the community of nations."

Vance did not say who would be representing that United States at the signing ceremony on Friday in Switzerland.

The Iranian side was expected to be represented by parliament speaker Mohammad Ghalibaf and foreign minister Abbas Araghchi as well as "a number of security officials and people who represent the different constituencies within their country," Vance said.