The Wye River Memorandum was a significant agreement reached in October, involving negotiations between Israeli Prime Minister Benjamin Netanyahu and Palestinian Authority Chairman Yasser Arafat, facilitated by U.S. President Bill Clinton. The talks took place at the Wye River Conference Center in Maryland, reflecting a critical moment in the Middle Eastern peace process. The memorandum aimed to build on previous agreements, particularly the Oslo Accords, by outlining specific steps for Israel's withdrawal from specific zones in the West Bank and the establishment of terms for Palestinian self-governance. Key issues addressed included security arrangements, economic cooperation, and the timing of future negotiations. The agreement also focused on the establishment of a joint Israeli-Palestinian security committee to enhance collaboration.

The political landscape at the time was volatile, with both leaders under pressure from their respective constituencies. Netanyahu faced opposition from right-wing factions within Israel, while Arafat dealt with criticism from Palestinian groups advocating for more assertive resistance. Despite these challenges, both leaders recognized the necessity of compromise to pursue stability and peace, spurred by U.S. diplomatic efforts.

The signing of the memorandum took place under the backdrop of international concern for peace in the region. It was seen as a crucial step in moving toward a final peace agreement and fostering better relations between Israelis and Palestinians. Yet, the complexities behind the negotiations and the relative short lifespan of the agreement raised questions about its effectiveness and the deeply rooted issues plaguing the conflict.