This agreement is good for Israel's security. The commitments made by the Palestinians were very strong, as strong as any we have ever seen. They include continuous security cooperation with Israel and a comprehensive plan against terrorism and its support infrastructure.

This agreement is good for the political and economic well- being of Palestinians. It significantly expands areas under Palestinian authority to some 40 percent of the West Bank. It also offers the Palestinian people new economic opportunities. With an airport, an industrial zone, soon safe passage between Gaza and the West Bank, and, in time, a seaport, the Palestinian people will be able to breathe a little easier and benefit from the fruits of peace.

Most importantly, perhaps, this agreement is actually good for the peace process itself. For 18 months it has been paralyzed, a victim of mistrust, misunderstanding and fear. Now, ordinary Israelis and Palestinians once again can become partners for peace.

To bolster this effort, Chairman Arafat will invite members of the Palestinian National Council and other important political entities to reaffirm his prior commitments and their support for the peace process. I have agreed to address that meeting several weeks hence, and to underscore the values of reconciliation, tolerance and respect and my support for those commitments and this process.

People around the world should be heartened by this achievement today. These leaders and those with whom they work have come a very long way. The Israeli and Palestinian peoples, whose bitter rivalry in this century has brought so much suffering to both sides, have moved yet another step closer toward fulfilling the promise of the Oslo accords; closer to the day when they can live peacefully, as true neighbors, with security, prosperity, self - governance, cooperation and eventually, God willing, genuine friendship.

No doubt, as peace gains momentum, forces of hate, no matter how isolated and desperate, will once again lash out. They know this, the leaders, and they are prepared to face it. Staying on the path of peace under these circumstances will demand even greater leadership and courage. The work at Wye River shows what can happen when the will for peace is strong, but let me say once again to all the rest of you, everyone who is tempted to handicap every little twist and turn over the last nine days, you need to know one overwhelming thing.

The prime minister and the chairman and the members of their delegation who supported this process, even when there were things about it they did not agree with, are quite well aware that the enemies of peace will seek to extract a price from both sides. They are quite well aware that in the short run, they themselves may have put themselves at greater risk. But by pledging themselves to the peaceful course for the future, to the same values and ultimately to the same enemies, they have given both the Israelis and Palestinians a chance to have the future we all want for our children and our children's children.

Every effort will have to be exerted to ensure the faithful implementation of this agreement, not because the parties do not want to do so, but because the agreement covers many things, was developed over many days, involved many discussions and sleepless nights. It will test whether the Palestinian people are prepared to live in peace, recognizing Israel's permanence, legitimacy and a common interest in security. It will tell us whether Israelis want to help build a strong Palestinian entity that can fulfill the aspirations of its people and provide both real security and real partnership for Palestinians and Israelis.

The United States is determined to be of whatever help we can to both sides in their endeavors. I will consult with Congress to design a package of aid to help Israel meet the

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