Memorandum of Agreement for Joint Political, Security, and Economic Cooperation

President Ronald Reagan and Israeli Prime Minister Yitzhak Shamir sign an agreement that designates Israel as "a major non-NATO ally of the United States." The memorandum constitutes one of the most comprehensive agreements ever signed between the two countries, marking a major turning point in their relations. The agreement emphasizes the importance of working together to reach mutual security, political and economic goals and reaffirms the "close relationship between Israel and the United States of America, based upon common goals, interests and values."