JERUSALEM, Jan. 28 (Xinhua) -- Israeli Prime Minister Benjamin Netanyahu hailed on Tuesday U.S. President Donald Trump's Middle East peace plan, saying his government will act to annex parts of the Israel-occupied West Bank.

Speaking alongside Trump at the White House, Netanyahu said the announcement of the plan marks "a historic day."

Although Trump provided few details about the proposed plan, Netanyahu said the plan allows the Israeli government to apply Israeli law in the Jordan Valley and the Israeli settlements in the West Bank.

Israel's Channel 12 TV news reported that the Israeli government is expected to formally approve the annexation within a week.

"Israel will apply its laws to the Jordan Valley, to all the Jewish communities in Judea and Samaria (the Israeli term for West Bank) and to other areas that your plan designates as part of Israel and which the United States has agreed to recognize as part of Israel," Netanyahu said at the White House.

Trump said the plan calls for four years of Israeli-Palestinian talks ahead of the establishment of a Palestinian state if the Palestinians will ensure the security of Israel.

Netanyahu said he is ready to start negotiations with the Palestinians on the basis of the plan.

Trump's peace plan, also known as the Deal of the Century, was announced without the presence of Palestinian officials who were not invited.

The Palestinians, who were not involved in drafting the plan, have rejected it as biased in favor of Israel.

The Jewish settlements are located in the West Bank and East Jerusalem, which were seized by Israel in the 1967 Middle East war along with the Gaza Strip.

The Palestinians wish to build their future state along the 1967 pre-war border with East Jerusalem as its capital.  ■