The Israeli Prime Minister Benjamin Netanyahu seemed to be seized by the recent conciliatory overtures by the Iranians towards the U.S. and its allies on the nuclear question that he spent more than 30 minutes of his allocated time speaking about it. However, on the key question, the root of Arab-Israeli conflict, the Palestinian issue, the Israeli Prime Minister had nothing important to offer apart from the often repeated statement that Israel is ready to seek "historic reconciliation and building a better future for Israelis and Palestinians alike." But he emphasised the compromise must satisfy Israel's security concerns and include mutual recognition.

Speaking at the United Nations 68th Annual General Assembly Debate, the Israeli Prime Minister said, the country wants peace based on security and mutual recognition in which a demilitarized Palestinian State recognizes the Jewish State of Israel.

Israel, he said "continues to seek an historic compromise with our Palestinian neighbours, one that ends our conflict once and for all."

"I remain committed to achieving an historic reconciliation and building a better future for Israelis and Palestinians alike," Netanyahu said.

He acknowledged that he has "no illusions about how difficult this will be to achieve." Still, his predecessors were prepared to make painful concessions.

"So am I. But so far the Palestinian leaders haven't been prepared to offer the painful concessions they must make in order to end the conflict," he said.

For peace to be achieved, the Israeli Prime Minister said, the Palestinians must finally recognize the Jewish State, and Israel's security needs must be met.

"I am prepared to make an historic compromise for genuine and enduring peace, but I will never compromise on the security of my people and of my country, the one and only Jewish State," declared Netanyahu.