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Localization and synchronization are critical challenges for a wireless network, which are conventionally solved independently. Recently, various estimators have been proposed to jointly synchronize and localize a node in a static network based on two way communication. In this paper, we present a novel and generic model based on two way communication between nodes, which are in relative motion with respect to each other. Furthermore, for the entire network we propose a closed form Extended Global Least Squares (EGLS) solution to solve for all the unknown clock skews, clock offsets, initial pairwise distances and relative radial velocities using a single clock reference within the network. A new Cramer Rao Bound (CRB) is derived and the proposed fusion center based Extended Global Least Squares (EGLS) solution is shown to be asymptotically optimal.