Ramallah, Aug 16 (IANS): Palestine has said that it will not allow the undermining of the Arab Peace Initiative and the resolutions of the UN, the Arab League and the Organization of Islamic Cooperation, after the United Arab Emirates (UAE) signed an agreement with Israel.

"The address for achieving a just and comprehensive peace is Ramallah and the Palestinian leadership, headed by President Mahmoud Abbas, through the establishment of an independent Palestinian state with East Jerusalem as its capital in accordance with international legitimacy decisions, and peace will not be at any price," Xinhua news agency quoted government spokesperson Nabil Abu Rudeineh as saying in a statement on Saturday.

Abu Rudeineh added that the independence of Palestinian leadership's decisions will not be compromised and that its national standards are "not for sale".

On August 13, Israel and the UAE reached the historic agreement, brokered by the US, to work towards a "full normalization of relations."

As part of the agreement, Israel will suspend the annexation of Palestinian lands in the occupied West Bank, while it focuses on expanding ties with other Arab countries with other nations in the Muslim world.

The UAE and Israel will also immediately expand and accelerate cooperation regarding the treatment of and the development of a vaccine for coronavirus.

According to reports, this is the first peace treaty between Israel and an Arab country in 25 years.

But, Palestine has slammed the peace agreement, saying it was "disgraceful" and a "blow to the Arab Peace Initiative and the decisions of the Arab and Islamic summits, and an aggression against the Palestinian people".