The Paris Protocol on Economic Relations between Israel and the Palestine Liberation Organization (PLO), signed in1994, shaped, and continues to shape, the Palestinian economic policy framework. It has defined the economic policy space and instruments available to Palestinian decision makers since the establishment of the Palestinian National Authority (PNA). However, the inadequate and one-sided implementation of the 1994 Oslo Accords (the key political reference framework between the PLO and Israel) continues to cast a heavy shadow over the economic side of the agreement - Paris Protocol on Economic Relations between the PLO and Israel. The latter has outlived the five-year transitional phase for which it was designed. In addition, Israel has frequently violated, ignored, limited or selectively interpreted many of the Palestinian rights under the Protocol. This, among other factors, has led to the shrinking of the productive capacities of the Palestinian economy and erosion of its economic base, and gave rise to mutually reinforcing economic distortions, depression-level unemployment rates, fiscal unsustainability, chronic budget and trade deficits and high dependency on international aid to finance a large and persistent budget and trade deficits (UNCTAD, 2019b).

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