RAMALLAH, West Bank — The Palestinian Authority and Russian Federation have their given bilateral commercial and economic ties a major boost. Palestinian Minister of National Economy Abeer Odeh and Russian Minister of Labour and Social Protection Maxim Topilin signed a protocol Nov. 7 at the third meeting of the Russian-Palestinian Intergovernmental Commission on Trade and Economic Cooperation held in Ramallah. The protocol includes agreements and memoranda of understanding (MoUs) in a number of sectors.

The two countries signed MoUs on energy, customs and employment at the end of the meeting, which Al-Monitor attended. The meeting sought to spur Russian energy companies to invest in the Palestinian territories and discuss the possibility of setting up Russian industrial zones and joint factories in the Palestinian territories. Another MoU offering customs exemptions to Palestinian exports to Russia is expected to be signed.

Odeh said in her address at the meeting, “The commission meeting reflects hours of work by the joint commission and diplomatic channels to conclude business partnerships on the ground and improve bilateral trade.” She praised work toward “granting the Palestinian products preferential treatment to enter Russian markets, increasing trade volume between the two countries by encouraging direct Russian imports to Palestine to achieve economic growth in both countries and implementing joint industrial zones projects.”

Odeh expressed a Palestinian desire to promote economic, educational, cultural and industrial relations with Russia as well as bilateral ties in the tourism, energy and communications sectors. She said these efforts will open up new horizons for cooperation between the two countries’ private sectors and promote Russian investments in the Palestinian territories next year.