Following years of negotiations and a half a century of conflict, Colombia's government and the Revolutionary Armed Forces of Colombia-People's Army (FARC) rebel group signed a revised peace accord.
The new deal was announced by Colombian President Juan Manuel Santos in a TV address saying that it will build a "broader, deeper peace," reports the CNN.
Colombian voters had unexpectedly defeated a peace deal in October that was negotiated earlier this year with the FARC rebels.
Negotiations continued for a peace deal after the defeat with rebels and those opposed to the original agreement.
Santos said that compensation for victims is amongst the new provisions of the deal that will come from FARC's assets and money.
The Nobel Peace Prize was awarded to Santos for "his resolute efforts" to end the country's civil war this year.
A political party can still be formed by the FARC in accordance with FARC and the members with minor offenses can apply to get their records cleared.
"The new peace accord is the victory for Colombia," said Ivan Marquez, one of the chief negotiators of the FARC guerrilla movement, in a tweet.
US Secretary of State John Kerry congratulated the government and people of Colombia on achieving a revised peace agreement.
"President Santos and his negotiating team, those from the 'No' campaign, and other important sectors of Colombian society deserve credit for engaging in a far-reaching and respectful national dialogue following the plebiscite," Kerry said.
He said that he full implementation of the final peace agreement will be supported by the United States.
Congratulating the government of Colombia for reaching the deal, US National Security Adviser Susan Rice in a statement said, "We appreciate how difficult and complicated the negotiations have been and recognize that the new provisions, while an important step forward, will not necessarily satisfy everyone.
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