Fighting in Gaza should end within 24 hours, after Israeli ministers approved the first steps in a US-backed peace plan.
Hamas officials say it marks the start of a "permanent ceasefire".
The remaining hostages held in Gaza will be released in a swap for Palestinian prisoners.
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Questions remain about how diplomats can secure long-term peace in the region.
Danny Danon, Israel's ambassador to the UN, says they'll closely monitor developments in the enclave.
