Details of the agreement were revealed earlier Wednesday by a senior U.S. official.
Earlier on Wednesday, U.S. officials released details of the agreement to the public.
The draft initiates a 60-day process of negotiations aimed at brokering a final deal to end the war, reopen the Strait of Hormuz, and eventually rebuild Iran.
Taiwan welcomed the G7 statement, and Japan said leaders agreed to work together on Indo-Pacific and China-related regional challenges.