Central Tel Aviv - Picture by David Kriss
The EU and Israel committed themselves to establishing a partnership which provides for close political and mutually beneficial trade and investment relations together with economic, social, financial, civil scientific, technological and cultural cooperation.
The Action Plan concluded with Israel helped give new energy and focus to EU-Israel relations. Its objective is to gradually integrate Israel into European policies and programmes. Every step taken is determined by both sides and the Action Plan is tailor-made to reflect Israel’s interests and priorities as well as its level of development.
There is also, for the first time, a financial assistance element to EU-Israel cooperation - Israel is eligible for €14 million in European Community financial cooperation over the next seven years.
The legal basis for the EU’s relations with Israel is the EU-Israel Association Agreement 
.
As a result of the Action Plan discussions on the most contentious issue of EU-Israel relations over the years, the Israeli-Palestinian conflict, have been stepped up.
2007 has seen renewed efforts by the international community, including the revitalization of the quartet, combined with increased support from regional partners for peace and stability in the Middle East. The EU believes that the creation of an independent, viable and democratic Palestinian state is in Israel’s interest.
