Prime Minister Benjamin Netanyahu has said Israel would respond vigorously against any further rocket fire from Gaza if the truce that came into force last night is not observed.
A number of immediate steps have been agreed, while more complex issues will be addressed in further talks set to begin within a month.Read the full story ›
Residents of Gaza have continued to fill the streets to celebrate the announcement of an open-ended ceasefire between Israel and Hamas.
Hamas fighters are said to have viewed the ceasefire as a victory, though in truth there appears to be no clear victor from the seven-week conflict, in which 2,139 Palestinians are thought to have been killed.
Palestinian and Egyptian officials said the deal, which was mediated in Cairo and took effect from Tuesday evening, called for an indefinite halt to hostilities, the immediate opening of Gaza's blockaded crossings with Israel and Egypt and a widening of the territory's fishing zone in the Mediterranean.
Seven weeks of conflict between Israel and Hamas came to a halt today as both sides agreed to an open-ended ceasefire.
The truce was cautiously welcomes by the US, and the UN chief Ban Ki-Moon who warned than any violation of its conditions would be "utterly irresponsible".
The agreement will bring much-needed aid and construction supplies to the Gaza Strip, as well as the promise of further talks in Egypt within the next month.
ITV News' International Affairs Editor Rageh Omaar reports:
Former prime minister Tony Blair has welcomed the announcement of an open-ended ceasefire in Gaza.
The Middle East peace envoy congratulated the Egyptian government on its successful negotiations between Israel and the Palestinian factions.
The Quartet will now concentrate on a long-term plan for Gaza and for its reconstruction, including the effective and efficient reopening and reconnection to the outside world under the authority of the Palestinian authority government.
Such a plan will enable a proper and decent life for the people of Gaza, as well as protect the security of the people of Israel.
It is only tragic that such a ceasefire has come too late to save the lives of so many innocent people.
Israeli Prime Minister Benjamin Netanyahu's spokesman has said that talks in Egypt will only go ahead if there is a "total end to terror attacks from Gaza".
Israel accepts Egyptian ceasefire proposal, as we did 7/15. Cairo talks on Gaza's future only if total end to terror attacks from Gaza.
Hundreds of Palestinians have spilled onto the streets of Gaza City to celebrate the announcement of a ceasefire which is being claimed as a victory by Hamas.
Drivers honked their horns and people walked through the streets cheering and waving Palestinian flags.
One reveller, named Mahmoud Saadeldeen, said: "It's an indescribable feeling ... we were holding on and waiting and thanks to God we won and the blood of our martyrs was not spilled in vain."
A spokesman for UN Secretary-General Ban Ki-Moon has said that any violation of the ceasefire agreed today would be "utterly irresponsible".
He said the blockade of Gaza must end, and that the territory must be brought back under the control of one legitimate Palestinian government adhering to Palestine Liberation Organisation commitments.
"Israel's legitimate security concerns must be addressed," he added.
Hundreds of Palestinians have taken to the streets to celebrate what some see as a victory over Israel as the latest ceasefire begins.
Indirect talks between Israel and the Palestinians are due to start within one month, a statement from Egypt's foreign ministry said.