The Israeli Prime Minister’s Office said in a statement that the agreement was reached on Tuesday in a phone call between the director generals of the Israeli and Turkish foreign ministries.

Both countries decided to upgrade the relations to full diplomatic representation and return the Israeli ambassador and consul general to Ankara and Istanbul and the Turkish ambassador and consul general to Tel Aviv and Jerusalem.

What they’re saying: “The normalization of ties with Turkey is an asset for regional stability and an economic benefit for the citizens of Israel,” Israeli Prime Minister Yair Lapid said.

Turkish Foreign Minister Mevlüt Çavuşoğlu said in a press conference in Ankara that Turkey will appoint an ambassador to Israel soon and both countries will hold a joint economic meeting in the coming weeks. He added that Ankara will continue to support the Palestinians.