President Shimon Peres called the need for a peace agreement with the Palestinians "very urgent" in an interview with CNN on Sunday.
"I think neither side has much time. We have to act dynamically," the president stated.
Peres warned the Palestinian leadership against seeking a UN declaration of statehood outside of a peace agreement.
"If you go for a declaration, you have a declaration. You won't have a change in the situation. It's not enough to declare, you have to agree," he said.