Lebanese President Michel Aoun has approved a maritime border agreement with Israel, Lebanon's chief negotiator told reporters, Reuters reported.

Speaking from the presidential palace, negotiator Elias Bou Saab said the agreement marks the beginning of a new era, and a letter signed by the president will be delivered to U.S. officials at Lebanon's southernmost border point of al-Naqurah later Thursday.

According to the Times of Israel, Israel has also endorsed the agreement.  Israel's cabinet vote on the deal came hours before the expected signing of the agreement by both sides at a ceremony at the United Nations base in Lebanon.

Israel and Lebanon are technically still at war, and the deal does not address the land border.

This agreement strengthens Israel's security and our freedom of action against Hezbollah and threats from the north. The entire defense establishment rarely agrees on the importance of the agreement, Lapid said, adding that the deal is also an economic achievement.