Reuters – Israel and the European Union (EU) have launched talks to deepen economic cooperation and discussed the possibility of creating a new trade corridor between the east Mediterranean and Gulf states, Israel’s Finance Ministry and central bank said on Monday.
The idea of establishing a “regional peace railway” that would boost the economies of Israel, Jordan, the Palestinian Authority, Saudi Arabia and other Gulf states came up during annual discussions that also focused on the impact of the coronavirus crisis.
The new railway, the Bank of Israel said, would be a “shorter, faster, cheaper and safer” way to connect the East and West than current trade routes. It did not give any other details regarding the feasibility of such a project.
The discussion came after Israel recently signed historic deals to normalize ties with Gulf states Bahrain and the United Arab Emirates.
(Reporting by Steven Scheer; editing by Jonathan Oatis)