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.

Armenia said it would give the U.S. exclusive development rights to a transit corridor through its territory, which will be named the Trump Route for International Peace and Prosperity.