The Israeli government and the Palestinian Authority have announced a joint commitment to take immediate steps to end a surge in violence.
The move has emerged from rare talks in Jordan, also attended by US and Egyptian officials.
The meeting agreed to support confidence-building steps and “to work towards a just and lasting peace”.
According to the statement, Israel made a commitment to stop discussing new settlement building for four months. In return, it is understood the Palestinians will not take action against Israel at the UN.
The five parties also agreed to hold further talks in Sharm el-Sheikh, Egypt, next month.