President Donald Trump and Israeli Prime Minister Benjamin Netanyahu announced Monday that they had agreed on a plan to halt the war in Gaza.

The proposal calls for Hamas to disarm, return all hostages within 72 hours, and relinquish control of power. In exchange, Israel would withdraw its forces and release the Palestinian prisoners currently in custody.

The plan also stipulates that once both sides agree, “full aid will be immediately sent into the Gaza Strip.” It further outlines that a “technocratic, apolitical Palestinian committee” will govern temporarily “with oversight and supervision by a new international transitional body, called the Board of Peace, which will be headed” by Trump.

Speaking at a news conference after talks at the White House, Trump described the plan as “a historic day for peace.” 

“I think we are beyond very close,” Trump said. “We’re not quite finished. We have to get Hamas.”

He added that if Hamas refuses to agree to the plan, Israel would have full U.S. backing to continue military action.

Netanyahu said Israel will continue its military operations if Hamas rejects the plan.

“If Hamas rejects your plan, Mr. President, or if they supposedly accept it and then do everything to counter it, then Israel will finish the job by itself,” Netanyahu said. “This can be done the easy way or it can be done the hard way, but it will be done.”

At the time of the announcement, Hamas had not yet received the proposal but said it would review it once it was received.

The announcement comes as the two-year anniversary of Hamas’s Oct. 7 attack approaches and after several nations recognized Palestinian statehood at the United Nations.