EU Foreign Policy chief Javier Solana said the European Union's goal is to establish a Palestinian state in the 1967 borders.

Speaking in Ramallah on Wednesday, Solana said the sooner this happens, the better.

Solana met with Palestinian President Mahmoud Abbas Wednesday morning, and is scheduled to meet later with Prime Minister Salam Fayyad.

His visit to the Palestinian Authority is aimed at highlighting the EU's commitment to the region and supporting the PA leadership.

Solana is slated to visit Israel on Thursday, and meet with Israeli officials.

During his visit to Ramallah, Solana said there may be a need to exchange certain territories, but he said this should not disrupt the territory's continuity.

He said EU's stance in the matter is similar to that of the Quartet on the Middle East, and expressed his support of Abbas' efforts to unite the Palestinian people in light of the current dispute between his Fatah party and Hamas.

Solana's meeting with Abbas came before the latter's trip to Egypt. After the meeting, Solana said that Abbas took off to Cairo where reconciliation talks between the two Palestinian factions are ongoing, and stressed that Abbas is dedicated to closing a deal.

Later Wednesday, Solana told the Israeli Presidential Conference in Jerusalem that the world must not accept an Iranian nuclear bomb. According to Solana, "Tomorrow is today and we have no time to lose."

As for the peace process in the Middle East, Solana called for limited negotiations. "The time to do it is now. Nothing has been done in the world without taking risks."