"The objective of this exercise is to practice coordinated emergency search and rescue procedures and measures for safety of life at sea," the Israeli army said in a statement.
Eight ships, four helicopters and three search and rescue aircraft will take part. Hosted by Turkey in the eastern Mediterranean, it is the 10th such exercise in as many years between the allies.
Israel and the US are linked by a strategic cooperation agreement.
Turkey is Israel's principal ally in the region and both countries have close economic ties following a military cooperation agreement in 1996.
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