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.

President Donald Trump hosted the leaders of Armenia and Azerbaijan at the White House on Friday, where they finalized a peace agreement that would grant the United States exclusive development access to a critical transit corridor in the South Caucasus,