The main points
The Palestinian Prime Minister, Mr Mahmoud Abbas:
Two states: As we all realise, this is an important moment. A new opportunity for peace exists, an opportunity based upon President Bush's vision and the Quartet's road map, which we accepted without any reservations. The goal is two states - Israel and Palestine - living side by side in peace and security.
Road map obligations: Just as Israel must meet its responsibilites, we, the Palestinians, will fulfill our obligations for this to succeed.
We are ready to do our part and will immediately begin.
Violence: Let me be clear. There is no military solution to our conflict. We reiterate our denunciation and renunciation of terrorism and violence against Israelis, wherever they are.
We will exert full efforts to end the militarisation of the intifada, and we will succeed. The armed Intifada must end and we must resort to peaceful means in our quest to end the occupation, the suffering of the Palestinians and the Israelis, and to establish our Palestinian state. We will exert relentless efforts against incitement and hatred, regardless of its form and means.
Palestinian life: There must be a clear improvement in the lives of the Palestinians. Palestinians must live in dignity. Palestinians must be able to move, go to their jobs and schools, visit their families and conduct a normal life. Palestinians must not be afraid for their lives, property or livelihood.
The Israeli Prime Minister, Mr Ariel Sharon:
Two states: Israel, like others, has lent its strong support for President Bush's vision, expressed on June 24th 2002, of two states - Israel and a Palestinian state - living side by side in peace and security.
It is in Israel's interest not to govern the Palestinians, but for the Palestinians to govern themselves in their own state. A democratic Palestinian state fully at peace with Israel will promote the long-term security and wellbeing of Israel as a Jewish state.
Violence: There can be no peace, however, without the abandonment and elimination of terrorism, violence and incitement. We will work alongside the Palestinians and other states to fight terrorism, violence and incitement of all kinds.
Palestinian life: As all parties perform their obligations, we will seek to restore normal Palestinian life, improve the humanitarian situation, rebuild trust and promote progress towards the president's vision. We will act in a manner that respects the dignity as well as the human rights of all people.
Territorial contiguity: We can also reassure our Palestinian partners that we understand the importance of territorial contiguity in the West Bank for a viable Palestinian state.
Settlement outposts: In regard to the unauthorised outposts, I want to reiterate that Israel is a society governed by the rule of law. Thus, we will immediately begin to remove unauthorised outposts.
President Bush:
US commitments: America is strongly committed, and I am strongly committed, to Israel's security as a vibrant Jewish state.
I'm also pleased to be with Prime Minister Abbas. He represents the cause of freedom and statehood for the Palestinian people. I strongly support that cause as well.
All here today now share a goal: the Holy Land must be shared between the state of Palestine and the state of Israel, living at peace with each other and with every nation of the Middle East. Both (sides) must make tangible immediate steps toward this two-state vision.
On Sharon's promises: I welcome Prime Minister Sharon's pledge to improve the humanitarian situation in the Palestinian areas and to begin removing unauthorised outposts immediately.
On Abbas's promises: Prime Minister Abbas . . . has promised his full efforts and resources to end the armed intifada. He has promised to work without compromise for a complete end of violence and terror.
On the US monitoring team: My government will provide training and support for a new, restructured Palestinian security service.
And we will place a mission on the ground, led by Ambassador John Wolf. This mission will be charged with helping the parties to move towards peace, monitoring their progress and stating clearly who was fulfilling their responsibilities. And we expect both parties to keep their promises.