Israel and Lebanon have signed a deal on a common maritime border that involves undersea gas exploitation, following a decadeslong conflict for control of the border.
Both countries gave the agreement the green light on Thursday, with Israeli Prime Minister Yair Lapid signing the deal in West Jerusalem, and Lebanese President Michel Aoun in the presidential palace in Beirut, the two leaders announced in separate statements on Twitter.
The Israeli government announced its approval of the deal earlier on Thursday, paving the way for the agreement to be signed after Lebanon gave its approval two weeks ago.
Israeli Prime Minister Yair Lapid hailed the step as a diplomatic achievement ahead of a special Cabinet meeting in Jerusalem.
Lapid claimed Israel's foe Lebanon de-facto "recognizes" the Jewish state, due to a sea border deal the two states are set to sign imminently.
"This is a political achievement – it is not every day that an enemy state recognizes the State of Israel, in a written agreement, in front of the entire international community," Lapid said.
"The State of Israel won today. In security, economically, diplomatically, and in energy," Lapid said.
Speaking from the presidential palace, negotiator Elias Bou Saab also said the agreement marked the beginning of "a new era."
The deal was hailed by U.S. President Joe Biden as a "historic breakthrough" on Wednesday.
"It took principled and persistent diplomacy to get it done," Biden said, during a meeting in Washington with his Israeli counterpart Isaac Herzog.
Washington has played a key role in mediating the lengthy negotiations between Israel and Lebanon, who remain technically still at war after numerous conflicts between the two sides.
Meanwhile, asked what happens in case of a violation by either of the sides, which remain technically at war, the U.S envoy said the U.S. would remain a guarantor to help resolve any disputes.
"If one side violates the deal, both sides lose," Hochstein told reporters.
Lebanon and Israel are officially in a state of war.
The decadeslong conflict for control of the border intensified after the discovery of natural gas resources. The border conflict concerns 860 square kilometers (330 square miles) off the coast claimed by both sides as an exclusive economic zone.
An offshore energy discovery – while not enough on its own to resolve Lebanon's deep economic problems – would be a major boon, providing badly needed hard currency and possibly easing crippling blackouts.