Israel and the Palestinian Authority have announced a series of new trade agreements, in a joint statement.
The two sides signed the deal, known as the Agreement on Economic Cooperation and Investment (ACEI), on Monday, the statement said.
The new agreements aim to bring together businesses and businesses from all sectors, as well as promote Israel’s efforts to diversify its economy and diversify the export market, the announcement said.
It said the agreements were part of the framework agreed by Prime Minister Benjamin Netanyahu and Palestinian President Mahmoud Abbas during their meeting in Jerusalem on May 22.
The PA, in the past, has been an advocate of free trade and has also been an opponent of boycotts of Israel.
The two sides have been discussing the details of the agreement, which will be implemented as part of a bilateral free trade agreement.
The deals, which cover both sectors, are expected to increase Israel’s exports and increase exports of Palestinian goods, as part the Israeli-Palestinian economic cooperation, which was signed in 2005.
Netanyahu, who visited the Palestinian capital earlier this month, said in a press conference on May 23 that the two sides will soon start the process of implementing the agreement.
Israel has said it would seek to build economic and political ties with the PA, which has been occupied since 1967.
But the peace process, which began in 2015, has not yet reached a deal.