April 11, 2011 -- Updated 1059 GMT (1859 HKT)

Tripoli, Libya (CNN) -- Embattled Libyan leader Moammar Gadhafi has agreed in principle to stop all hostilities in his North African nation and allow outside forces to help keep the peace, his government and African Union mediators said Monday in a joint statement.

The announcement came the same day UNICEF, the United Nations children's agency, released a statement saying at least 20 children -- including some as young as 9 months old -- have been killed by shrapnel or bullet wounds in the city of Misrata.

Ramtane Lamara, the African Union's commissioner for peace and security, read off the agreement with Gadhafi early Monday, flanked by Libyan government spokesman Musa Ibrahim.

The deal announced on Monday does not address whether or not Gadhafi will step down, nor is it binding. It does have four basic elements, according to the memorandum detailed by Lamara:

-- An immediate end to all fighting

-- Libyan authorities' cooperation "to facilitate the diligent delivery of humanitarian assistance"

-- The protection of foreign nationals in Libya

-- The start of talks involving various Libyan authorities, including opposition figures, with the aim of setting up "an inclusive transition period" to adopt and implement "political reforms necessary for the elimination of the causes of the current crisis"

The agreement, which the statement said Gadhafi had signed off on, states that the final resolution must consider "the aspirations of the Libyan people for democracy, political reform, justice, peace and security, as well as social ... development."

No timetable was spelled out as to when and if a cease-fire might take effect or the political transition might take place. In the agreement, Gadhafi does voice support for the "deployment of an effective and credible monitoring mechanism."

"Leader Moammar Gadhafi expressed his full confidence in the African Union and its ability to successfully carry out the peace process in his country," the statement said.

Gadhafi's government previously has announced unilateral cease-fires -- only to continue to attack the opposition.

Following the announcement Monday, the African Union delegation arrived in the rebel stronghold of Benghazi to meet with opposition leaders demanding an end to Gadhafi's rule of almost 42 years.

A news conference was expected following the meeting.

The African Union's special committee on Libya has representatives from Mauritania, the Democratic Republic of Congo, Mali, Uganda and South Africa.

Gadhafi has been a strong supporter of the African Union and has channeled large sums of money its way. Libya also holds a seat on the 15-member Peace and Security Council, which Lamara heads.

As such, opposition leaders have voiced doubt that any mediation involving that multi-national group would end the conflict in a way that would satisfy their goals, which include Gadhafi's ouster.

The talks come as violence continues in the North African nation, where pro- and anti-Gadhafi forces have been engaged in bitter fighting since February.

After a series of setbacks driven by the advances of pro-government forces, Libyan rebel fighters recaptured the besieged city of Ajdabiya over the weekend after apparently holding off Gadhafi's better-equipped forces.

In Misrata, NATO airstrikes hit parts of the city over the weekend, destroying 14 tanks, said an eyewitness who did not want to be named for security reasons. NATO is operating under a U.N. Security Council resolution authorizing the use of force to protect Libyan civilians from attack.

On Sunday, two rebel fighters died as they attempted to hunt down pro-Gadhafi snipers near the city center, another eyewitness said. The snipers took positions on top of residential and commercial buildings, the witness said.

At least eight people were killed and 22 injured from fighting Saturday between the pro-Gadhafi forces and the rebels, according to medical sources in the city.

Shahida Azfar, UNICEF's regional director for the Middle East and North Africa, called for an immediate end to the siege of Misrata.

"Until the fighting stops, we face the intolerable inevitability of children continuing to die and suffer in this war zone," Azfar said in the statement Monday.

CNN's Reza Sayah and Ben Wedeman contributed to this report

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