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To negotiate in IKE phase one for an IPSec tunnel, five specific things need to be agreed upon. These elements are crucial for the tunnel to be built successfully. IPSec is useful for implementing a site-to-site tunnel, securing traffic between different networks over the Internet. The five key elements of an IKE phase one tunnel are essential for negotiation between the two peers. Remembering these elements can be made easier by using the keyword "haggle" to ensure all aspects are agreed upon before proceeding with the tunnel build.