Azerbaijan and Armenia signed a U.S.-brokered peace agreement on Friday during a meeting with U.S. President Donald Trump that would boost bilateral economic ties after decades of conflict and move them toward a full normalization of relations.

Language in the "peace deal" will give the U.S. exclusive rights to develop a key transit route that will be named after Trump.

The leaders of Armenia and Azerbaijan shook hands as they joined President Donald Trump at the White House on Friday for a peace summit where they signed an agreement aimed at ending decades of conflict.