The Good Friday Agreement established a major political framework for peace in Northern Ireland. It was agreed upon by the British and Irish governments as well as eight political parties in Northern Ireland. Key aspects of the agreement included establishing a Northern Ireland Assembly with legislative powers, forming a power-sharing Executive Committee, and outlining commitments to human rights, disarmament of paramilitary groups, and the future status of Northern Ireland remaining part of the UK. However, implementation faced challenges including parliamentary crises over the IRA's refusal to disarm and a bank robbery attributed to the IRA.