This agreement provides for the cessation of hostilities and for a mutual withdrawal of the armed forces to a determined lines of separation (contact line), creating a zone of separation between the armed forces. The agreement calls on the United Nations Protection Force (UNPROFOR) and the European Union Monitoring Mission (ECMM) to monitor implementation of the agreement and to investigate any violation of the ceasefire.

In this declaration, the parties agree to the implementation of the Itamaraty Agreement of 17 February 1995, which called for a separation of the military forces of Ecuador and Peru. In the present declaration the guarantor countries agree to ensure the immediate presence of their observers in the area in order to monitor the ceasefire. The guarantor countries also reiterate their commitment to continue to fulfill their obligations under the Rio de Janeiro Protocol.

This agreement  implements the Treaty of Taif signed in 1934. It forms a committee to renew the border marks between the countries. It also calls for non-aggression against each other and establishes a committee to develop economic and cultural relations between the countries. A private sector company agreed to by both parties will demarcate the border.

The Declaration of Itamaraty of 17 February 1995 consolidates the ceasefire agreement that ended sustained combat between Ecuador and Peru. The declaration, by which the two parties accept an observation mission from the guarantor countries (Argentina, Brazil, Chile and the United States), calls for the total demilitarization of the disputed area. The two parties committ to start negotiations to resolve the border dispute peacefully.