Israeli President Shimon Peres
Israeli President Shimon PeresReuters

President Shimon Peres said on Sunday that peace between Israel and the Palestinian Authority is “a real possibility,” adding that time should not be wasted in reaching an agreement.

"Two points are urgent: we shouldn't lose the opportunity because it will he replaced by great disappointment," Peres told reporters on the sidelines of the World Economic Forum (WEF) on the banks of the Dead Sea in Jordan, according to AFP.

"We have to come over skepticism and doubts. Second, I feel it is a real possibility," he said, speaking in English.

He said the two sides already have a "functioning" solution.    

"As far as the Palestinians are concerned we have a functioning beginning and an agreed solution. The solution is the two-state solution -- living in peace and dignity," Peres said.

"I am aware of the missing links residing between the two ends. From my experience I believe it is possible to overcome them, it doesn't require too much time. It is the real interest of all parties concerned."

"This is an important opportunity to reiterate our will, not to waste time and to return to negotiations and complete the peace process with the Palestinians based on two states for two peoples -- an Israeli state and a Palestinian state living as good neighbors and cooperating economically for the good of future generations," he added.

His remarks came a day after Palestinian Authority chairman Abbas called on Israel to "end the occupation of our lands", evacuate Jewish communities from Judea and Samaria and free Arab prisoners.

"This is what will make peace and ensure security for you and for us," he said.

US Secretary of State John Kerry on Friday urged Israeli and PA leaders to take "hard decisions" to restart talks, at the end of his fourth visit to the region since he took office in February.

The WEF closing session on Sunday will be addressed by Kerry, King Abdullah II of Jordan, Peres and Abbas, the Israeli president's office said in a statement, according to AFP.