Following several rounds of talks, Myanmar's government has finally struck a "historic" ceasefire deal with 16 rebel groups.
Myanmar's President Thein Sein witnessed the signing of a draft ceasefire agreement between the two parties, reported the BBC.
The move is being touted to be a significant step towards ending decades of conflict.
However, negotiators representing the rebel groups will have to consult with their leaders before giving final approval.
The United Nations hailed the move as a "historic and significant achievement" that would provide a basis for "genuine and lasting peace in the country."
Myanmar has been embroiled in armed conflict with various ethnic rebel groups, who seek greater autonomy, since independence from the British in 1948.
The negotiations were however, not attended by rebel groups from the newest and most active conflict-torn region in Kokang.
