Mahmoud Abbas, the President of the Palestinian National Authority said the time has come for Israelis and Palestinians to end their feud and added that discussions held with Premier Ehud Olmert could provide the long-expected breakthrough.

Abbas said previous “in depth” talks with the Israeli prime minister have revealed a “historic horizon” and can prove to be decisive at the upcoming international conference on the Middle East.

The historical conflict must end and only through negotiations peace can be reinstated in the strife-torn region after six decades, the Palestinian leader said Friday in a speech to the UN General Assembly.

The creation of a new Palestinian state, the status of Jerusalem, the situation of Palestinian refugees and other core issues of the conflict are being discussed at the moment, Abbas told the 192-nation assembly.

He said a document containing the outcome of his talks with Olmert will be presented to the Palestinian people in a referendum. The final settlement would include the terms for the creation of a Palestinian state with East Jerusalem as its capital.

Referring to the tense situation in Hamas-ruled Gaza, Abbas said solutions will be found based on laws that maintain democracy in Palestinians territories and underlined that violent actions won’t be tolerated anymore by Palestinians.

“From this podium of the United Nations, I say to the Palestinian people in Palestine and abroad, I can tell them that there is a historic horizon emerging so that our people can restore their legitimate rights and achieve peace and prosperity to which we aspire,” Abbas said.

The leader said Palestinians are “exhausted people due to the suffering under occupation, prison and martyrdom” and the United Nations must continue to support them in this period of social and political unrest.

Israel’s Foreign Minister Tzipi Livni is expected to address the General Assembly on Monday to reveal the Israeli vision of the on-going discussions.