Turkey and Israel on Tuesday signed Joint Economic Commission (JEC) 4th term meeting memorandum of understanding.

Speaking at the signing ceremony, Turkish National Defense Minister Vecdi Gonul said the decisions taken within the scope of the meeting would add a new momentum to relations between the two countries.

Gonul said Turkey would be in an effort to implement the elements included in the memorandum of understanding, "I believe that Israeli party will do the same" he added.

Israeli Minister of Industry, Trade and Labor Binyamin "Fuad" Ben Eliezer expressed Israel's willingness to work with Turkey and deepen relations.

Eliezer said he hoped Israeli Defense Minister Ehud Barak would soon pay a visit to Turkey.

Israeli minister also said his country was willing to raise trade volume to 8 billion USD in 2 years.