This is because the calendar, in Israeli President Shimon Peres’s words, is impatient. When Arafat refused to take what was in hindsight a good deal, he was driven by the idea that his successors could accuse him of not striking a tough enough bargain. Today, Palestinian Authority President Mahmoud Abbas knows that he is the last man standing who can, to whatever extent possible, carry the Palestinians with him. Yes, Hamas is in control of Gaza. But that makes a hastened peace settlement even more valuable for him. A peaceful, economically vibrant West Bank is Fatah’s best hope of winning Gaza’s residents away from the extremist grip of Hamas.

The peace initiative also comes at a time of possible realignments in West Asia. Countries like Saudi Arabia and Syria who do not have diplomatic ties with Israel sent representatives to Annapolis. Israel, terrified of Iran’s hegemonic aspirations, is keen to establish cordial relations with the Arabs. An independent Palestine state could win Israel acceptance by the Arabs. It is keen to exploit this diplomatic opening. Now, this awareness in the West Bank and in Israel that this could be a last chance, must be matched with concrete concessions. Those are still not visible. Bush must extract them.