This covenant was prophesied by Isaiah, but refers to Christ.

Isaiah's prophecy

To the captives of Zion

Awake, awake,
put on your strength, O Zion;
put on your beautiful garments,
O Jerusalem, the holy city;
for there shall no more come into you
the uncircumcised and the unclean.
Shake yourself from the dust and arise;
be seated, O Jerusalem;
loose the bonds from your neck,
O captive daughter of Zion.

For thus says the LORD: “You were sold for nothing, and you shall be redeemed without money.”

For thus says the Lord GOD:
“My people went down at the first into Egypt to sojourn there, and the Assyrian oppressed them for nothing. Now therefore what have I here,” declares the LORD, “seeing that My people are taken away for nothing? Their rulers wail,” declares the LORD, “and continually all the day My name is despised. Therefore My people shall know My name. Therefore in that day they shall know that it is I Who speak; here I am.”

How beautiful upon the mountains are the feet of him who brings good news (Romans 10:15), who publishes peace, who brings good news of happiness, who publishes salvation, who says to Zion, “Your God reigns.”

-- Isaiah 52:1-7 (ESV)

Technically, Isaiah wrote this prophecy to the captives of Jerusalem (Zion) to comfort then (Isaiah 52:7-9). The LORD told Isaiah back in his days that He will save Jerusalem again (Isaiah 52:10), but they mean that they will have to depart from their captors (Isaiah 52:11-12).

Jeremiah, Hosea and Ezekiel had similar prophecies, but they predicted a full restoration of their land, possessions, prosperity and peace. However, history shows that this has not happened yet, therefore it make sense to separate these prophecies from each other to avoid confusing the audiences and expectations from each prophecy or covenant.

God's servant

What sets Isaiah, prophecy apart from other prophecies, is that Isaiah identified Christ:

Behold, My servant shall act wisely; (John 7:15-16)
he shall be high and lifted up, and shall be exalted. (Philippians 2:5-11)

As many were astonished at you
(his appearance was so marred, beyond human semblance, and his form beyond that of the children of mankind)
so shall he sprinkle many nations.

Kings shall shut their mouths because of him, for that which has not been told them they see, and that which they have not heard they understand.

Who has believed what he has heard from us? (Romans 10:16)
And to whom has the arm of the LORD been revealed?

For he grew up before Him like a young plant, and like a root out of dry ground; (Luke 2:52)
he had no form or majesty that we should look at him, and no beauty that we should desire him. (John 7:24; Matthew 11:8)

He was despised and rejected by men, (John 7:1-9; Matthew 11:9)
a man of sorrows, and acquainted with grief;
and as one from whom men hide their faces he was despised, and we esteemed him not.
Surely he has borne our griefs and carried our sorrows;
yet we esteemed him stricken, smitten by God, and afflicted.

But he was pierced for our transgressions; he was crushed for our iniquities; (John 12:27; Galatians 2:21)
upon him was the chastisement that brought us peace, and with his wounds we are healed.

All we like sheep have gone astray; (John 10:11-18; Mark 14:27)
we have turned — every one — to his own way;
and the LORD has laid on him the iniquity of us all.

He was oppressed, and he was afflicted, yet he opened not his mouth;
like a lamb that is led to the slaughter, and like a sheep that before its shearers is silent, so he opened not his mouth. (John 1:29, 1 Peter 1:19, Revelation 1:17)

By oppression and judgment he was taken away;
and as for his generation, who considered that he was cut off out of the land of the living, stricken for the transgression of my people?

And they made his grave with the wicked and with a rich man in his death, although he had done no violence, and there was no deceit in his mouth.
Yet it was the will of the LORD to crush him;
he has put him to grief;
when his soul makes an offering for guilt, he shall see his offspring; he shall prolong his days;
the will of the LORD shall prosper in his hand.

Out of the anguish of his soul he shall see and be satisfied;
by his knowledge shall the righteous one, My servant, make many to be accounted righteous, and he shall bear their iniquities.
Therefore I will divide him a portion with the many, and he shall divide the spoil with the strong, (Revelation 1:5-6)
because he poured out his soul to death and was numbered with the transgressors; (Luke 22:37)
yet he bore the sin of many, and makes intercession for the transgressors.

-- Isaiah 52:13-53:12 (ESV)

Notice that God's servant is specifically addressed, but also sandwiched around the scriptures of Jerusalem (Isaiah 52 and 54) which indicate that God's servant would also be one of the servants of Jerusalem. Other prophecies also indicated that Christ would be a Jew.

To Jerusalem

• Then the LORD address the afflicted city (Jerusalem again?) (Isaiah 54:11-12), whom he also calls "the barren one" (Isaiah 54:1) and whom He called "like a wife" (Isaiah 54:6) which is also identified as His "servants" (Isaiah 54:17):
  • to prepare for many children that will possess the nations (Isaiah 54:1-3)
  • that He hid his face for a moment but still have everlasting love and compassion as "her" Redeemer (Isaiah 54:4-8)
  • that His "Covenant of Peace" still stand and would not be removed (Isaiah 54:9-10)
  • that all "her" children shall be taught by the LORD (Isaiah 54:13; John 6:45-46)
  • that "she" will be established righteousness (Isaiah 54:14)
  • that "she" will not fear (Isaiah 54:14)
  • that no weapon shall against "her" shall succeed (Isaiah 54:15-17)

While Isaiah 52 calls the city by its name and most likely meant the physical Jerusalem of that time, Isaiah 54 does not name the city again. This could possibly mean a different "city" because:

• This section is mentioned immediately after the "servant" restored many to righteousness with the LORD which gives the impression that Isaiah is now prophesying to these converts.
• He also mentions more children or offspring which could point to the spreading of the Gospel to other nations.
• The covenant is concluded where Isaiah specially mentions "the foreigner who has joined himself to the LORD" (Isaiah 56:3,6) and "the outcasts of Israel" (Isaiah 56:8).

To all nations

Then Isaiah also makes an invitation to "everyone" and list what God expects from them:

Come, everyone who thirsts, come to the waters (John 7:37; Revelation 22:17);

and he who has no money, come, buy and eat!

Come, buy wine and milk without money and without price (Romans 3:23-24, 6:23).

Why do you spend your money for that which is not bread (John 6:35), and your labor for that which does not satisfy?

• Listen diligently to me (Romans 6:16), and
• eat what is good, and delight yourselves in rich (abundance of) food (life) (1 Peter 1:14-16).
• Incline your ear, and come to me (John 6:37);
• hear, that your soul may live (John 10:10, 14:6); and

I will make with you an everlasting covenant, my steadfast, sure love for David (Acts 13:34).

Behold, I made him a witness to the peoples, a leader and commander for the peoples.

Behold, you shall call a nation that you do not know, and a nation that did not know you shall run to you, because of the LORD your God, and of the Holy One of Israel, for He has glorified you (Colossians 3:4).

1. Seek the LORD while He may be found (2 Chronicles 7:14; Amos 5:4; Matthew 7:7-8);
2. call (proclaim) upon Him while He is near (Psalm 50:15; Joel 2:32; Acts 22:16; Romans 10:13);
3. let the wicked forsake his way, and the unrighteous man his thoughts (Psalm 1:1-6; 1 Corinthians 15:33; 2 Corinthians 6:14-17; Ephesians 5:11);
4. let him return to the LORD (2 Corinthians 3:6,16),

that He may have compassion on him, and to our God, for He will abundantly pardon.

-- Isaiah 55:1-7 (ESV)

For some reason "David" is mentioned in this prophecy, although King David already passed away at the time this prophecy was written:

• This could refer to the Davidic covenant to whom God promised to David that Christ would be his descendant.
• Other reason that "David" means Jesus as a decedent of David, because at the time this prophecy was received, David was already dead, and it would be impossible for David himself to be "a witness to the peoples" and to lead and command the peoples. Isaiah also mentions that "a nation that you do not know shall run to you". This happened when Jesus' disciples spread the gospel after they were baptized by the Holy Spirit (Acts 1-3).
• Another possible explanation is that "David" also means "beloved" which changes the meaning of the scripture to "I will make with you an everlasting covenant, my steadfast and beloved."

Either way, Christ Jesus fits all the above views.

This is a general invitation which are not restricted to only the inhabitants of original Jerusalem in Isaiah's lifetime. A few chapters later, Isaiah mentions "an everlasting covenant" with "all nations" again, which could also refer to this same covenant:

I will make an everlasting covenant with them.
Their offspring shall be known among the nations,
and their descendants in the midst of the peoples;
all who see them shall acknowledge them,
that they are an offspring the LORD has blessed.

...

For as the earth brings forth its sprouts, and as a garden causes what is sown in it to sprout up, so the Lord GOD will cause righteousness and praise to sprout up before all the nations.

-- Isaiah 61:8-9,11 (ESV)

Based on these prophecies Paul wrote:

I say the truth in Christ, I lie not, my conscience also bearing me witness in the Holy Ghost, that I have great heaviness and continual sorrow in my heart. For I could wish that myself were accursed from Christ for my brethren, my kinsmen according to the flesh:

Who are Israelites; to whom pertaineth the adoption, and the glory, and the covenants, and the giving of the law, and the service of God, and the promises; Whose are the fathers, and of whom as concerning the flesh Christ came, who is over all.

God blessed for ever. Amen. -- 2 Corinthians 11:31

Not as though the word of God hath taken none effect. For they are not all Israel, which are of Israel.

-- Romans 9:1-6 (KJV)

Thereafter, Paul quotes Hosea (Romans 9:25) who prophesied that God will sow and harvest more people from other land which was originally not considered His people:

And in that day I will answer, declares the LORD,
I will answer the heavens, and they shall answer the earth,
and the earth shall answer the grain, the wine, and the oil, and they shall answer "Jezreel" (God will sow), I will sow her (God's "wife") for Myself in the land.

And I will have mercy on "No Mercy",
and I will say to "Not My People", "You are My people";
and he shall say, "You are my God".

-- Hosea 2:23 (ESV)

And that non-Israeli people will be considered God's children (quoted by Paul in Romans 9:26):

Yet the number of the children of Israel shall be like the sand of the sea (Genesis 22:17), which cannot be measured or numbered. And in the place where it was said to them, “You are not My people,” it shall be said to them, “Children of the living God”.

-- Hosea 1:10 (ESV)

This means:

For there is no distinction between Jew and Greek; for the same Lord is Lord of all, bestowing his riches on all who call on Him.

For “everyone who calls on the name of the LORD will be saved.” -- Joel 2:32

-- Romans 10:11-13 (ESV)

Parties

The LORD (YHVH) God Himself who make a covenant with:

• The captives of Zion (Isaiah 52:1-7)
• God's servant (Isaiah 52:13-53:12)
• Jerusalem (Isaiah 54:1-17) (Possibly a future generation or those who joined Israel)
• All nations (Isaiah 55:1-2, 56:1-8, 61:8-11; Hosea 1:10, 2:23; Romans 9:1-6,10:11-13)

Conditions

Summary of the expectations according to Isaiah 55:1-7:

Confirmation

For My thoughts are not your thoughts, neither are your ways My ways, declares the LORD. For as the heavens are higher than the earth, so are My ways higher than your ways and My thoughts than your thoughts.

“For as the rain and the snow come down from heaven and do not return there but water the earth, making it bring forth and sprout, giving seed to the sower and bread to the eater, so shall My word be that goes out from My mouth (Isaiah 59:21); it shall not return to me empty, but it shall accomplish that which I purpose, and shall succeed in the thing for which I sent it.

• “For you shall go out in joy and be led forth in peace;
• the mountains and the hills before you shall break forth into singing, and
• all the trees of the field shall clap their hands.
• Instead of the thorn shall come up the cypress;
• instead of the brier shall come up the myrtle; and
• it shall make a name for the LORD,

an everlasting sign that shall not be cut off.”

-- Isaiah 55:8-13

Commonly it is assumed this scripture is meant to be taken symbolically as mountains cannot sing and trees does not have hands.

These could possibly refer to the spiritual state of the people being transformed by Jesus' Gospel, which is "joy", "singing", "clap their hands", and that their "thorns" and "briers" turn into useful "fruit" like the "fruit" of the Spirit (Galatians 5:22-23). The prophecy picture the expectation of thorny weed (selfish actions that tend to hurt other), but instead valuable plants appear like the cypress and myrtle (unselfish and supportive actions) as a similar idiom is explained by Hebrews 6:7-8.

In other words, when one witness a convert's change in behaviour because his or her love towards God, Jesus and other people, it proofs that this covenant is true.

Jesus also said:

A new commandment I give to you, that you love one another: just as I have loved you, you also are to love one another.

By this all people will know that you are my disciples, if you have love for one another.

-- John 13:34-35 (ESV)

God's children is not recognized by a crosses, special culture, membership, dress code, hairstyle, facial expression or such, but instead they are recognized by their unselfish love for one another.

Warning

Thus says the LORD:

• “Keep justice, and do righteousness, for soon my salvation will come, and my righteousness be revealed.
• Blessed is the man who does this, and the son of man who holds it fast, who keeps the Sabbath, not profaning it, and keeps his hand from doing any evil.”

Let not the foreigner who has joined himself to the LORD say, “The LORD will surely separate me from His people”; and
let not the eunuch say, “Behold, I am a dry tree.”

For thus says the LORD: “To the eunuchs who keep My Sabbaths, who choose the things that please Me and hold fast My covenant, I will give in My house and within My walls a monument and a name better than sons and daughters; I will give them an everlasting name that shall not be cut off.

And the foreigners who join themselves to the LORD, to minister to Him, to love the name of the LORD, and to be His servants, everyone who keeps the Sabbath and does not profane it, and holds fast My covenant:

• these I will bring to My holy mountain, and
• make them joyful in My house of prayer;
• their burnt offerings and their sacrifices will be accepted on my altar; for my house shall be called a house of prayer for all peoples.”

The Lord GOD, Who gathers the outcasts of Israel, declares, “I will gather yet others to him besides those already gathered.”

-- Isaiah 56:1-8 (ESV)

Fulfillment

But when Jesus knew it, he withdrew from there. And great multitudes followed him, and he healed them all. Yet he warned them not to make him known, that it might be fulfilled which was spoken by Isaiah the prophet, saying:

“Behold! My servant whom I have chosen,
My beloved in whom My soul is well pleased!
I will put My Spirit upon him,
And he will declare justice to the gentiles.
He will not quarrel nor cry out,
Nor will anyone hear his voice in the streets.
A bruised reed he will not break,
And smoking flax he will not quench,
Till he sends forth justice to victory;
And in his name Gentiles will trust.”

-- Isaiah 42:1-4

-- Matthew 12:15-21 (NKJV)

and

Jesus answered them, “Do not grumble among yourselves. No one can come to me unless the Father who sent me draws him. And I will raise him up on the last day.

It is written in the Prophets,

‘And they will all be taught by God.’ -- Isaiah 54:13

Everyone who has heard and learned from the Father comes to me — not that anyone has seen the Father except he who is from God; he has seen the Father.

Truly, truly, I say to you, whoever believes has eternal life. I am the bread of life. Your fathers ate the manna in the wilderness, and they died. This is the bread that comes down from heaven, so that one may eat of it and not die. I am the living bread that came down from heaven. If anyone eats of this bread, he will live forever. And the bread that I will give for the life of the world is my flesh.”

-- John 6:43-51 (ESV)

Testimonies

Matthew's testimony

Now as they were eating, Jesus took bread, and after blessing it broke it and gave it to the disciples, and said, “Take, eat; this is my body.”

And he took a cup, and when he had given thanks he gave it to them, saying, “Drink of it, all of you, for this is my blood of the covenant, which is poured out for many for the forgiveness of sins. I tell you I will not drink again of this fruit of the vine until that day when I drink it new with you in my Father's kingdom.”

-- Matthew 26:26-29 (ESV)

Mark's testimony

And as they were eating, he took bread, and after blessing it broke it and gave it to them, and said, “Take; this is my body.”

And he took a cup, and when he had given thanks he gave it to them, and they all drank of it. And he said to them, “This is my blood of the covenant, which is poured out for many. Truly, I say to you, I will not drink again of the fruit of the vine until that day when I drink it new in the kingdom of God.”

-- Mark 14:22-25 (ESV)

Luke's testimony

And when the hour came, he reclined at table, and the apostles with him.

And he said to them, “I have earnestly desired to eat this Passover with you before I suffer. For I tell you I will not eat it until it is fulfilled in the kingdom of God.”

And he took a cup, and when he had given thanks he said, “Take this, and divide it among yourselves. For I tell you that from now on I will not drink of the fruit of the vine until the kingdom of God comes.”

And he took bread, and when he had given thanks, he broke it and gave it to them, saying, “This is my body, which is given for you. Do this in remembrance of me.”

And likewise the cup after they had eaten, saying, “This cup that is poured out for you is the new covenant in my blood.

-- Luke 22:20 (ESV)

Paul's testimony

For I received from the Lord what I also delivered to you, that the Lord Jesus on the night when he was betrayed took bread, and when he had given thanks, he broke it, and said, “This is my body which is for you. Do this in remembrance of me.”

In the same way also he took the cup, after supper, saying, “This cup is the new covenant in my blood. Do this, as often as you drink it, in remembrance of me.”

For as often as you eat this bread and drink the cup, you proclaim the Lord's death until he comes. Whoever, therefore, eats the bread or drinks the cup of the Lord in an unworthy manner will be guilty concerning the body and blood of the Lord.

-- 1 Corinthians 11:23-27 (ESV)

Peter's testimony

And when Peter saw it, he answered unto the people:

Ye men of Israel, why marvel ye at this man? or why fasten ye your eyes on us, as though by our own power or godliness we had made him to walk? The God of Abraham, and of Isaac, and of Jacob, the God of our fathers, hath glorified His servant Jesus; whom ye delivered up, and denied before the face of Pilate, when he had determined to release him. But ye denied the Holy and Righteous One, and asked for a murderer to be granted unto you, and killed the prince of life; whom God raised from the dead; whereof we are witnesses. And by faith in his name hath his name made this man strong, whom ye behold and know: yea, the faith which is through him hath given him this perfect soundness in the presence of you all.

And now, brethren, I know that in ignorance ye did it, as did also your rulers. But the things which God foreshowed by the mouth of all the prophets, that His Christ should suffer, He thus fulfilled.

Repent ye therefore, and turn again, that your sins may be blotted out, that so there may come seasons of refreshing from the presence of the Lord; and that He may send the Christ who hath been appointed for you, even Jesus:

whom the heaven must receive until the times of restoration of all things, whereof God spake by the mouth of His holy prophets that have been from of old.

Moses indeed said:

A prophet shall the Lord God raise up unto you from among your brethren, like unto me; to him shall ye hearken in all things whatsoever he shall speak unto you. And it shall be, that every soul that shall not hearken to that prophet, shall be utterly destroyed from among the people. -- Deuteronomy 18:15-19

Yea and all the prophets from Samuel and them that followed after, as many as have spoken, they also told of these days.

Ye are the sons of the prophets, and of the covenant which God made with your fathers, saying unto Abraham:

And in thy seed shall all the families of the earth be blessed. -- Genesis 22:18

Unto you first God, having raised up His servant, sent him to bless you, in turning away every one of you from your iniquities.

-- Acts 3:11-26 (ASV)

Explanation

Since, therefore, we have now been justified by his blood, much more shall we be saved by him from the wrath of God. For if while we were enemies we were reconciled to God by the death of his Son, much more, now that we are reconciled, shall we be saved by his life. More than that, we also rejoice in God through our Lord Jesus Christ, through whom we have now received reconciliation.

Therefore, just as sin came into the world through one man, and death through sin, and so death spread to all men because all sinned — for sin indeed was in the world before the law was given, but sin is not counted where there is no law. Yet death reigned from Adam to Moses, even over those whose sinning was not like the transgression of Adam, who was a type of the one who was to come.

But the free gift is not like the trespass. For if many died through one man's trespass, much more have the grace of God and the free gift by the grace of that one man Jesus Christ abounded for many. And the free gift is not like the result of that one man's sin. For the judgment following one trespass brought condemnation, but the free gift following many trespasses brought justification. For if, because of one man's trespass, death reigned through that one man, much more will those who receive the abundance of grace and the free gift of righteousness reign in life through the one man Jesus Christ.

Therefore, as one trespass led to condemnation for all men, so one act of righteousness leads to justification and life for all men. For as by the one man's disobedience the many were made sinners, so by the one man's obedience the many will be made righteous.

-- Romans 5:9-19 (ESV)