A formal agreement to end hostilities or establish peaceful relations, often used in diplomatic or political contexts.
The two countries finally signed a peace agreement.
停戦協定 is a ceasefire agreement, which is more limited in scope than a comprehensive 平和合意.
和平協定 is a near synonym, but 平和合意 may sound slightly more formal or emphasize the 'peace' aspect.
Compound of 平和 (peace) and 合意 (agreement).