South Korea’s foreign ministry on Wednesday welcomed a ceasefire agreement between the U.S. and Iran, saying it could provide a “turning point” toward resuming shipping through the Strait of Hormuz. In a statement, the ministry said it “welcomes” the agreement reached earlier in the day and expressed appreciation for mediation efforts by countries including Pakistan.

The ministry said it hopes negotiations between the two sides will lead to a settlement and a swift restoration of peace and stability in the Middle East. It added that South Korea seeks the “free navigation” of all vessels, including its own, through the Strait