JERUSALEM (JTA) — Israel and the Palestinian Authority will resume economic cooperation, their finance ministers said.
Israel’s Yair Lapid and the P.A.’s newly appointed finance chief, Shukri Bishara, at a meeting Sunday in Jerusalem agreed to the resumption of economic ties, according to reports.
The ties will be renewed over the course of time, the Palestinian Ma’an news agency reported.
Economic cooperation between Israel and the Palestinian Authority was suspended last November in the wake of the latter’s attempt to gain recognition of a Palestinian state at the United Nations without peace negotiations.
Israel as a consequence withheld hundreds of millions dollars worth of taxes it had collected on behalf of the Palestinian Authority, which Israel began handing over in March.
Future meetings will include discussions on promoting joint investment and trade projects, the finance ministers said, according to The Times of Israel.