1. Totally rejects violence as a means of changing the status of Northern Ireland, and recognizes the traditions of two separate communities within the province.
2. Reaffirms that there will be no change in the status of Northern Ireland as a part of the United Kingdom without the consent of the majority of its people, and recognizes that the majority at present wishes no change. Should the majority wish ever alter, the two governments commit themselves to propose legislation in their capitals to effect such change.
3. Establishes an Intergovernmental Conference, located in Belfast and composed of ministers from London and Dublin. The conference will deal on a regular basis with issues concerned with Northern Ireland and with relations between the two parts of the island including political, security and legal matters and also the promotion of cross-border cooperation.
4. Commits both governments to support eventual home rule for the province, within the United Kingdom, on a basis "which would secure widespread acceptance throughout the community."
BENEFITS TO NATIONALIST, OR CATHOLIC, COMMUNITY:
1. The Irish government will protect their interests through its right, within the conference, "to put forward views and proposals" on British governance of the province, including the composition and activities of security forces and judiciary and the use of symbols by the minority community such as the Irish flag and language.
2. The British government is committed, should a majority of Northern Irish ever so wish, to move to change the province's legal status, including the possibility of unification with the Irish Republic.
BENEFITS TO UNIONIST, OR PROTESTANT, COMMUNITY:
1. Ireland recognizes and respects British sovereignty over the North as long as the province's majority wishes it.
2. Ireland promises increased cross-border security cooperation.