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Saudi Arabia, Austria Sign MoU for Economic Cooperation

The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher - SPA
The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher - SPA
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Saudi Arabia, Austria Sign MoU for Economic Cooperation

The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher - SPA
The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher - SPA

The Saudi Ministry of Economy and Planning and the Ministry of Labor and Economy in Austria have signed a memorandum of understanding (MoU) to enhance economic cooperation between the two countries.

This came on the sidelines of the work of the ninth session of the Saudi-Austrian Joint Committee held in Vienna, SPA reported.
The MoU was signed by Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim and the Austrian Minister of Labor and Economy, Martin Kocher.
It aims to diversify and strengthen economic ties, exchange experiences and information, and encourage cooperation in a number of fields, including trade, industry, research and development, tourism, small and medium enterprises.
The MoU calls for the organization of conferences, seminars and the exchange of visits between experts, in addition to cooperation between government institutions and the private sector.
The parties are also committed to protecting intellectual property rights and exchanging information for the purposes specified in the MoU.
This MoU comes within the framework of a cooperation agreement in the economic, commercial, industrial and technical fields signed between the two governments in 2004.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.