(Bloomberg) --
Israel and the United Arab Emirates agreed to advance cooperation in banking and finance in the first protocol of understanding signed since the two countries began peace moves.
A joint committee will study the dismantling of financial barriers to investment in each other's markets, Israeli Prime Minister Benjamin Netanyahu's office said. They'll also discuss advancing joint investments in capital markets and cooperation in banking services and payment regulations.
The announcement came as the UAE and Israel prepared to wind-up the first round of talks after agreeing last month to establish ties -- a first between the Jewish state and a Gulf Arab nation. The talks in Abu Dhabi focused on economic issues as well as health and scientific cooperation.
Israel's Finance Ministry sees potential for annual bilateral trade starting at $2 billion and building up to $6.5 billion once cooperation matures.
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