Israeli Foreign Minister Tzipi Livni and her Palestinian counterpart Riyad al-Malki on Sunday reaffirmed that the two neighbors are still committed to their peace process.

In her first foreign policy speech since becoming primer-designate, Livni said she will push forward the process her predecessor Ehud Olmert and Palestinian President Mahmoud Abbas resumed last November at a U.S.-hosted international conference in Annapolis.

"The Annapolis process will go on, we will continue to promote negotiations with the Palestinians," she assured al-Malki when speaking at the opening event of the Foreign Ministry's Conference for Policy and Strategy in Jerusalem.

As little tangible progress has since been made, expectations are lowering for the two sides to realize their Annapolis pledge of clinching a comprehensive peace deal within 2008, and calls are mounting for mutual efforts to speed up the negotiations.

Yet while reaffirming her peace commitment, Livni warned that the parties should not rush into a deal, echoing her recent remarks that any attempt to reach a premature instead of a comprehensive deal could lead to clashes, misunderstandings and violence.

"We have the responsibility to conduct the process properly. Israel is dreaming of peace, but its legs are firmly rooted in a complex reality," she said to the audience, among which are also visiting French Foreign Minister Bernard Kouchner, former German Foreign Minister Joschka Fischer and U.S. Ambassador James Cunningham.

In recent months, the already-sluggish peace process was further overshadowed by Israel's political turmoil surrounding the scandals and resignation of Olmert, who now serves as caretaker prime minister and has vowed to advance the peace talks as long as he remains in office.

However, the election of Livni, who has been leading the Israeli team in negotiations with the Palestinians during the past year, is widely seen as good news for the peace track, thanks to her active involvement in the negotiations and her relatively leftish standpoints.

Yet should she fail to form a new government within the time limit, an early general election would probably be held in the spring, in which recent polls showed the rightish Likud party would emerge as the biggest winner.

"Let us not allow dates or political changes to stand in our way," said the eloquent lawyer-turned senior diplomat, who al-Malki called "my friend" and wished success to become Israel's second woman prime minister.

Meanwhile, Livni also expressed willingness to reach peace with Israel's other neighbors. "Israel wishes to arrive at peace with all of her neighbors, the Palestinians, Syria, Lebanon and the Arab nations," she said.