The remarks from the Roosevelt Room were broadcasted live, but here are a few quotes from the president.
"Today I am pleased to welcome President Abbas to the White House for his first visit to Washington in quite a while," Trump said. "Almost 24 years ago, it was on these grounds that President Abbas stood with a courageous peacemaker, that is Israeli Prime Minister Yitzhak Rabin."
"Here at White House, President Abbas signed a declaration of principles -- very important -- which laid the foundation for peace between Israelis and Palestinians. The president and Mr. President, you signed your name to first Israeli-Palestinian peace agreement. You remember that well, right? And I want to support you in being a Palestinian leader who signs his name to the final and most important peace agreement that brings safety, stability, prosperity to both peoples and to the region."
"I am committed to working with Israel and Palestinians to reach an agreement, but any agreement cannot be imposed by United States or any other nation. The Palestinians and Israelis must work together to reach an agreement that allows people to worship, thrive and prosper in peace and I'll do whatever is necessary to facilitate the agreement or to arbitrate anything they'd like to do."
"Peace also means defeating ISIS and other terrorist groups. These groups are a threat to all people who cherish human life. We just continue to build our partnership with the Palestinian security forces to counter and defeat terrorism."
"There can be no lasting peace unless the Palestinian leaders speak in a unified voice against incitement to violence and hate. There's such hatred. But hopefully there won't be such hatred for very long. All children of God must be taught to value and respect human life and to condemn all of those who target the innocent."
"As part of our efforts to move towards peace today we will also discuss my administration's effort to help unlock the potential of the Palestinian people through new economic opportunities."
Trump on Abbas: "I look forward to welcoming him back as a 'grademark' of progress and, ultimately, for the signing of document with the Israelis towards peace. We want to create peace between Israel and the Palestinians. We will get it done. We will be working so hard to get it done. I think there is a very good chance and I think we will."
After Abbas spoke, Trump said, "We are going to start a process. We have spoken to 'Bibi' Netanyahu. We have spoken to many of the great Israeli leaders. We have spoken with many of your great representatives. We will start a process, which hopefully will lead to peace. Over the course of my lifetime, I've always heard perhaps the toughest deal to make is between the Israelis and Palestinians. Let's see if we can prove them wrong, okay?"