The Shanghai Stock Exchange and the Tel Aviv Stock Exchange signed a memorandum of understanding on Monday, according to a statement put out by the two bodies. The cooperation agreement was described as "yet another reflection of the interwoven and close ties between the two countries." As part of the deal, the statement said, an Israeli delegation will travel to China and a Chinese delegation to Israel, in order to "deepen Israeli businessmen's knowledge of the Chinese market and Stock Exchange and vice versa." The visits will aim to "generate and promote interest in" both the Shanghai Stock Exchange and the TASE, and to encourage stimulation of both markets. TASE Chief Executive Officer Ester Levanon praised the reputation of the Shanghai Stock Exchange, and said, "We are delighted to sign this co-operation agreement between our two exchanges. We are committed to working closely with Shanghai over the coming years and to create opportunities to develop investment between our markets."