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China and Israel are set to sign an agreement on Sunday aimed at boosting the Chinese economy’s role in the Israeli-Palestinian conflict, officials said.
The Chinese and Israeli leaders will sign a memorandum of understanding for a new “trans-shipment corridor” linking the two countries, according to the official Xinhua news agency.
China and Israel have fought a three-decade war over the disputed West Bank, which is under Israeli military occupation.
China is a permanent member of the United Nations Security Council and hosts Israel’s embassy.
The two sides have been at loggerheads over their respective positions on the Israeli settlement movement in the occupied West Bank.
The two countries have been building a wall along the frontier and have accused each other of building illegal outposts.
Israel, however, has accused Beijing of building outposts on its territory.
Ahead of the signing, China’s foreign ministry said the agreement will “provide a comprehensive framework for the implementation of the bilateral cooperation between the two sides”.
The memorandum of intent will be formally signed by Chinese President Xi Jinping and Israeli Prime Minister Benjamin Netanyahu, the ministry said in a statement.
The deal was discussed at a closed-door meeting of the two leaders last week, Xinhua said.
“The memorandum will also provide a road map for the cooperation between China and the Palestinian Authority, as well as other relevant issues, such as the settlement of the conflict and cooperation on the establishment of an Israeli-Egyptian joint economic zone, Xinha News reported.
The move follows China’s decision in May to build a fence along the border, with the aim of cutting off the Palestinian territory from the world, and a decision by Israel to stop constructing outposts along its border with Gaza, according the Jerusalem Post.”
China and Egypt are the two largest economies in the world. “
Israel will play an important role in bringing stability and security to the region, and will strengthen its ties with Israel and the region in general.
China and Egypt are the two largest economies in the world.
China’s economy grew by 7.6% in the first quarter, which came as Israel was growing by a mere 0.2%.
The Israeli-Chinese economic cooperation has been a source of friction between Beijing and Tel Aviv.
In February, the two nations agreed to a framework agreement that includes a $US2.3 billion investment fund to fund the construction of the Chinese-built Iron Dome anti-missile system, the first such deal between the nations.