Armenia and Azerbaijan have announced that they have agreed on the terms of a peace treaty to end nearly four decades of conflict.

The South Caucasus countries are expected to provide a timeline for signing the deal, which will formalise the truce reached after multiple wars.

A statement issued by Armenia’s Foreign Ministry on Thursday confirmed that a draft peace accord with Azerbaijan had been finalised on its side.

“The Republic of Armenia is ready to start consultations with the Republic of Azerbaijan on the date and place of signing the agreement,” the statement reads.

Azerbaijan’s Foreign Ministry expressed “satisfaction that the negotiations on the text of the draft Agreement on Peace and the Establishment of Interstate Relations between Azerbaijan and Armenia have been concluded.”

However, Azerbaijan has set a condition before endorsing the suspension of hostilities, demanding a change to Armenia’s constitution, which it claims lays territorial claims on Azerbaijani land.

The conflict between the post-Soviet countries began in the late 1980s when Nagorno-Karabakh, a region in Azerbaijan, seceded with support from Armenia.