European Union foreign ministers are promising "unprecedented" amounts of political, financial and security support for Israel and the Palestinians if they come to a peace agreement.

In the event of a final peace deal, EU ministers said Monday, the 28-member trade bloc will offer Israel and the future state of Palestine a "special privileged partnership." That will mean increased access to European markets, facilitation of trade and investment, closer cultural and scientific ties and other advantages.

The ministers, meeting in Brussels, said the EU is prepared to "contribute substantially" to bring about a just and lasting settlement to the Israeli-Palestinian conflict.

U.S. Secretary of State John Kerry has been trying to broker a peace deal, and last week presented a new American security plan to Israeli and Palestinian leaders.