The announcement was made by Bram Cohen, the founder and chief executive of BitTorrent, alongside Dan Glickman, chairman of the MPAA at a news conference in Los Angeles.More details over here.
However, the genie remains out of the bottle. while Cohen and BitTorrent can work to remove links through its own web site, the protocols, which underlie the file transfer technology, are out in the public domain and will doubtless continue to be used by other p2p sites.
BitTorrent to take measures against pirates

BitTorrent has made an agreement with the MPAA to remove any copyright material that appears in its search engine.