JERUSALEM (JTA) — Israel and the Palestinian Authority will resume economic cooperation, their finance ministers announced.

Israeli Finance Minister Yair Lapid and newly appointed Palestinian Authority Finance Minister Shukri Bishara met Sunday in Jerusalem, where they agreed to the resumption of economic ties, according to reports.

The economic ties will be renewed over the course of time, the Palestinian Ma’an news agency reported.

Economic cooperation between Israel and the PA was suspended last November in the wake of the PA’s attempt to get recognition of a Palestinian state at the United Nations in place of peace negotiations, including the withholding by Israel of hundreds of dollars worth of taxes collected by Israel on behalf of the PA.

Israel began handing over the tax money to the PA in March.

Future meetings will include discussions on promoting joint investment and trade projects, the finance ministers said, according to The Times of Israel.

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