The European Union has vowed “unprecedented” support for Israel and Palestine if the two sides reach a peace agreement.

Foreign ministers in the EU made the pledge during a meeting in Brussels this week, with the Foreign Affairs Council saying it “reiterated the EU’s readiness to contribute substantially to post-conflict arrangements for ensuring the sustainability of a peace agreement.”

The statement comes as Israel and Palestine engage in a new round of peace talks, brokered by the US, after nearly three years of a freeze in relations.

“An unprecedented package of European political, economic and security support to both parties can be expected in the context of a final status agreement,” read the minutes of the FAC meeting. “Details and concrete proposals will be worked on.”

The council said certain incentives would be created to encourage such a goal, including increased opportunities in European markets, scientific ties, trade deals, and enhanced political dialogue.

The council also warned that “actions that undermine the negotiations” could have negative effects, and singled out Israel as in the wrong for settlement expansion.

Meanwhile, the US state department praised the motion, with spokeswoman Marie Harf saying in a statement: “The vision of increased access to European markets, closer cultural and scientific links, facilitation of trade and investments and business-to-business engagement will help strengthen and expand the economies of Israel and of a future Palestinian state.”