Deputy Foreign Minister Danny Ayalon on Monday said that Israel will reject Palestinian attempts to update the 1994 Paris Protocol, the framework that established economic relations between Israel and the PA, Israel Radio reported.

Palestinians have huge debts to Israel, and yet is operating against it in international organizations, Ayalon said.

"There is no room to fix it when there is no progress in the political channel, and the Palestinians have huge debts to Israel for transferring gas and electricity, for example."

Over the past week, Abbas has come under pressure from many Palestinians to cancel the Paris Protocol under the pretext that it imposes severe restrictions on the development of the Palestinian economy.

The Paris Protocol set Israeli sea and air ports and border crossings with Jordan and Egypt as paths for Palestinian trade with other countries.

Khaled Abu Toameh contributed to this report.

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