Palestinian President Mahmoud Abbas formally asked the UN to recognise the state of Palestine on Friday, despite sustained US-Israeli efforts to stall the move.

In a speech that was welcomed with a standing ovation and applause, Abbas stated,

"I do not believe that anyone with a shred of conscience can reject our application for a full membership of the United Nations and our admission as a full member state,"

"At a time when the Arab people affirm their quest for democracy – the Arab spring – the time is now for the Palestinian spring, the time for independence.

"It is a moment of truth and my people are waiting to hear the answer of the world. Will it allow Israel to continue its occupation, the only occupation in the world?"

Abbas has consistently maintained that the bid for UN membership and peace negotiations were 'not mutually exclusive'.

Shortly after the formal request, terms for resuming peace talks between the Israelis and Palestinians were agreed upon.

Israeli Prime Minister Binyamin Netanyahu however dismissed Abbas' commitment to negotiations, asserting, "the Palestinians want a state without peace."

It has been widely speculated that US-Israeli resistance to the move was underlined by the increased ease of Palestinians undertaking legal proceedings against Israeli, particularly its expanding settlements.

Abbas stated,

"The occupation is racing against time to redraw the borders on our land according to what it wants and to impose a fait accompli on the ground that changes the realities and that is undermining the realistic potential for the existence of the state of Palestine,"

"This policy will destroy the chances of achieving a two-state solution upon which there is international consensus, and here I caution aloud: this settlement policy threatens to also undermine the structures of the Palestinian Authority and even end its existence."