Visiting US Secretary of State Condoleezza Rice on Monday called upon both Israel and the Palestinians to seize the opportunity to revive the stalled Mideast peace process.  

Speaking at a joint news conference with Palestinian President Mahmoud Abbas after two-hour-long talks in the West Bank city of Ramallah, Rice urged Israel and the Palestinians to give the peace process another chance.

"It is time now that the two parties exert efforts to give peace a real chance," said Rice. "A historic moment is awaiting both sides."

The rocky peace negotiations were suspended for years as Israel and the US refused to talk with late Palestinian leader Yasser Arafat, accusing him of fomenting violence.

The passing away of Arafat last November kindled hopes that the long-stalled peace process would be pushed forward.

Rice also pledged Washington's commitment to relaunching peace process, saying "the United States is ready to offer every help in this regard."

The top US diplomat also said the US would offer the Palestinian National Authority (PNA) US$40 million within the coming three months to create job opportunities and rebuild the Palestinian economy left languid by more than four years of bloodshed.

US President George W. Bush has promised US$350 million in aid to the Palestinians to show new engagement in the peace process.

In addition, Rice also stressed the importance of having direct security cooperation and coordination between Israel and the Palestinians.

She said she proposed to both Israel and the Palestinians that a US security coordinator would be assigned "to help the Palestinians rehabilitate their security apparatuses and observe their performance."

Rice also praised Abbas, who succeeded late Yasser Arafat with a landslide victory in the January 9 election, for taking effective measures to curb violence.

"We are glad that President Abbas is carrying out tangible steps toward security and gaining law and discipline," she said, hoping Abbas to press ahead with reforms in the PNA.

She reiterated that the US would be always supporting Abbas and his leadership "as he is trying to achieve reforms and peace for the sake of the Palestinian people."

After taking office on January 15, Abbas had tried to coax Palestinian militant groups into a truce with Israel, a step considered crucial toward the revival of peace negotiations that foundered in September 2000 when the Palestinians started the Intifada, or armed uprising against the Israeli occupation.

The moderate Abbas, an advocate of non-violent struggle for Palestinian statehood, also ordered to deploy Palestinian security forces across the Gaza Strip to halt militant attacks against Israeli targets.

The following lull in violence stirred fresh hope for the revival of the peace talks.

At the news conference, Abbas announced that he had reached a cease-fire agreement with Palestinian militant groups.

"We have reached a cease-fire deal with all the Palestinian factions because it is not only the desire of the factions, but also the desire of the Palestinian people to reach such a truce," said Abbas.

Declaring that the Palestinian side will be completely committed to this cease-fire, Abbas kicked the ball to Israel, saying "now it is time for the Israeli side to declare a cease-fire with the Palestinians."

The truce was not officially declared by Palestinian militant groups, such as the Islamic Resistance Movement (Hamas) and the Islamic Jihad (Holy War) Movement, but they said they had agreed with Abbas on a temporary calmness.

The groups insisted that a truce would be possible only if Israel stops incursions and targeted killings and releases Palestinian prisoners.

Rice's Mideast tour came ahead of a high profile summit between Abbas and Israeli Prime Minister Ariel Sharon on Tuesday in the Egypt's Red Sea resort of Sharm el-Sheik.

The historic meeting, which will also be attended by Egyptian President Hosni Mubarak and King Abdullah of Jordan, is the first of its kind between Palestinian and Israeli top leaders in over four years.

The summit is expected to bridge gaps between Israel and the Palestinians and focus on reaching a mutual cease-fire agreement, the release of Palestinian prisoners and the handover of five West Bank cities to Palestinians.

(Xinhua News Agency February 8, 2005)