ARTICLE IV

Principles of Economic Cooperation

1. The two sides recognize the importance of economic growth, especially on the Palestinian side and cooperation based on the principles of equity, fairness, and reciprocity as a key factor in the context of building peace and reconciliation.
   
   
2. To this end, the two sides shall promote economic cooperation, including the promotion of joint ventures for their mutual benefit, in accordance with the overall objectives and principles set out in this Annex. This endeavor shall be pursued without derogating from the provisions of Annex III of the Declaration of Principles, Annex V of this Agreement ( Protocol on Economic Matters ), and any subsequent agreement or understanding reached between them during the interim period.
   
   
3. In implementing the various economic cooperation programs, the two sides will ensure that aspects of environmental protection including air, water, marine and land resources, and prevention of environmental risks, hazards and nuisances will be taken into consideration.
   
   
4. Without derogating from the existing agreements between them, economic cooperation between the two sides shall focus principally on sectors producing balanced economic, social, and human development and growth. The cooperation aims, among other things, at:
   
   
1. developing the infrastructure and a strong base for the Palestinian economy;
   
   
2. strengthening the bases for independent and institutional economic decision making processes within the Palestinian side;
   
   
3. supporting the establishment of the Palestinian Standards and Specifications Institute, export institute, etc.;
   
   
4. working together to promote social development and foster the rise of Palestinian standards of living; and
   
   
5. aspiring towards reducing the disparity in the level of the respective economic development of the two sides.
   
   

5. Economic cooperation between the two sides shall include exchange of information and ideas on economic issues, matters, and transactions involving the two sides.
   
   
6. Economic cooperation between the two sides shall take into account changes in economic policies in various economic spheres.
   
   

ARTICLE V

Sectors of Economic Cooperation

1. Industrial Cooperation
   
   

The two sides shall promote industrial cooperation, and, in particular:

1. facilitate cooperation between their respective economic institutions and business sectors;

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