Israeli Foreign Minister Yair Lapid said on Wednesday that Israel and Turkey are opening a new chapter in their relations after "ups and downs" and were working to expand economic partnerships.

"The goal is to form and expand economic and civil cooperation between our countries to create business to business and people to people and to leverage our two countries, comparative advantages regionally and globally, even during the pandemic, and even in times of political tension," Lapid said in a statement in Jerusalem alongside his Turkish counterpart Mevlut Cavusoglu.

He added that the two countries would begin working on a new civil aviation agreement.