Overview:Sinn Féin and the DUP have set out a six-week programme leading to the restoration of devolution and powersharing at Stormont.
The British and Irish governments have welcomed the agreement between the leading unionist and nationalist parties. Addressing MPs after a telephone conversation with Taoiseach Bertie Ahern, the British prime minister, Tony Blair, said: "This is a very important day for the people of Northern Ireland, but also for the people and the history of these islands."
Speaking in Dublin, Mr Ahern said yesterday's events were "unprecedented and positive".
The Rev Ian Paisley and Gerry Adams, appearing together for the first time at talks in Stormont, outlined what preparatory work will be undertaken before power is restored to an agreed executive on Tuesday, May 8th.
In addition to regular meetings between Dr Paisley and Martin McGuinness, as prospective first minister and deputy first minister, meetings are to be scheduled among all four of the parties who are entitled to seats in the new executive. Further talks are also to be held with Chancellor Gordon Brown on a peace dividend and a financial package which will underpin the devolved Stormont executive for the next four years.
The parties are also committed to agreeing a programme for government. This work will be carried out at a special committee of Assembly members.
Yesterday's carefully choreographed and scripted events were agreed by Sinn Féin and the DUP late on Sunday, although no direct meetings between the two parties took place.
The DUP leader said he was bound by the mandate given by his party on March 7th and by a resolution agreed by his party executive last Saturday to agree to share power.
"We, as a party, have agreed the timing, setting up and working of the institutions," he said. "Today we have agreed with Sinn Féin that this date will be Tuesday, May 8th, 2007."
He committed his party to playing "a full part in all the institutions and delivering the best future for the people of Northern Ireland." He added: "We will participate fully with the other parties to the executive in making full preparations for the restoration of devolution on May 8th."
Dr Paisley used his concluding remarks to insist his "justified loathing of the horrors and tragedies of the past" would not stand in the way of efforts "to craft and build the best future possible and ensure there is genuine support for those who are still suffering".
Mr Adams welcomed Dr Paisley's remarks, claiming that the DUP's "unequivocal commitment to the restoration of political institutions marks the beginning of a new era in politics on this island".
He also referred to "centuries of discord, conflict, hurt and tragedy", adding that "Sinn Féin is about building a new relationship between orange and green and all the other colours, where every citizen can share and have equality of ownership of a peaceful, prosperous and just future".
Mr Adams also referred to those who suffered during the Troubles, saying: "We owe it to them to build the best future possible. It is a time for generosity, a time to be mindful of the common good and of the future for all our people."
Their talks were welcomed by Northern Secretary Peter Hain, who said: "If you'd asked me, yesterday or Saturday or Friday, let alone weeks ago, would this have been possible, I'd have said, it would be in my dreams and in all of the people of Northern Ireland's dreams."