RAMALLAH, November 5, 2007 (WAFA) - President Mahmoud Abbas stressed on Monday the necessity to reach regional peace before President George W. Bush steps down in January 2009.

During a joint press conference with U.S. Secretary of State Condoleezza Rice in Ramallah, President Abbas said there is a real possibility for achieving a peace deal with Israel by then, but also called on Israel to start meeting some of its short-term peace obligations, such as a settlement freeze.

He said he has received encouraging signs from Israel and the U.S., but expects tough going in the negotiations.

"I agree with Prime Minister Ehud Olmert that there is a real possibility to achieve peace, and I say we are serious to use this opportunity to reach this historical peace," President Abbas said.

The President called on Israel to start meeting its obligations under the first stage of the road map, adding "we are ready to do our part, including trying to disarm Palestinian militants."

for her part, Rice said she hoped a U.S.-led Middle East conference in Annapolis later this year would be the launching pad for "negotiations that I sincerely hope ... could achieve their goals within the time remaining to the Bush administration."

Rice met in Ramallah on Monday with President Abbas and Prime Minister Salam Fayyad. She was also to meet with leader of the Palestinian negotiating team for the upcoming peace conference, Ahmed Qureia.