JERUSALEM -- Israel and Türkiye have agreed to reinstate full diplomatic ties and will return ambassadors and consuls general to each other, the Israeli prime minister said Wednesday.

"The resumption of relations with Türkiye is an important asset for regional stability and very important economic news for the citizens of Israel," Israeli Prime Minister Yair Lapid said in a statement issued by his office.

The details of the move were agreed upon in a phone call on Tuesday night between Israeli Foreign Ministry Director-General Alon Ushpiz and Turkish Deputy Foreign Minister Sedat Onal, according to the statement by the prime minister's office.

"Upgrading relations will contribute to deepening relations between the two peoples, expanding economic, trade and cultural ties, and strengthening regional stability," the statement read.

The move comes after a steady improvement in Israeli-Turkish relations in past months, including Lapid's phone call with Turkish President Recep Tayyip Erdogan in July and Israeli President Isaac Herzog's visit to Türkiye in March, which marked the first of its kind by a senior Israeli official since 2008.

Israel and Türkiye formalized their relations in 1949, but the ties were strained in 2010 after an Israeli deadly assault on a Turkish-led flotilla sailing to the besieged Gaza Strip.