Israel and America have agreed to a draft agreement on the Futuris Market Live, the world’s biggest futures market.
The move comes as Israeli Prime Minister Benjamin Netanyahu and US President Donald Trump prepare to visit Israel.
It follows a week in which US Secretary of State Rex Tillerson and Israeli Prime Minster Benjamin Netanyahu met for a second day on Thursday.
Israeli Foreign Minister Avigdor Lieberman, who is expected to meet Mr Trump in Washington on Monday, said the draft agreement was “good news for the American economy”.
“This agreement will give American traders an unprecedented opportunity to buy and sell the most volatile commodities,” Mr Lieberman said in a statement.
“This is a great day for the futures market in Israel and for Israel’s economy, as it will allow more Israelis to buy, sell and speculate in the futures markets.”
Israel and US-Israeli relations were badly strained during the 2016-2017 Palestinian uprising.
Israel is one of the few major oil producers in the region, but is heavily reliant on US shale gas exports and is currently under sanctions by the US and its allies.
US President Joe Biden on Friday expressed “deep concern” about the deal, and said the two countries must ensure they can continue to trade with each other.
“We will work with Israel to ensure that they continue to be a partner in the future of the global economy, said Mr Biden.
“As a president who has repeatedly called for the US to lift sanctions on Israel, I look forward to working with the Israelis to support them in their efforts to continue to build a strong relationship.” “
The two countries have had an extraordinary relationship over the years, and I hope that we can continue it in the coming years,” he said.
“As a president who has repeatedly called for the US to lift sanctions on Israel, I look forward to working with the Israelis to support them in their efforts to continue to build a strong relationship.”
Mr Netanyahu said Israel and Trump had agreed to work together to strengthen the American market, which had suffered under US sanctions and was one of only a few markets in the world that traded on the Israel Stock Exchange.
“The president of the United States has made it clear that he wants to work with the Israeli people, who are suffering from severe economic challenges, to achieve a better future for Israel and its people,” Mr Netanyahu told reporters in Jerusalem.