The Palestinian flag has been raised for the first time at United Nations headquarters in New York.
The ceremony was attended by the President of the Palestinian Authority Mahmoud Abbas.
Addressing the UN General Assembly, Mr Abbas said it was unconscionable that the question of Palestinian statehood remained unresolved.
He also warned that the PA no longer felt bound by agreements with Israel he claimed were “continually violated”.
“As long as Israel refuses to cease settlement activities and to release of the fourth group of Palestinian prisoners in accordance with our agreements, they leave us no choice but to insist that we will not remain the only ones committed to the implementation of these agreements,” Mr Abbas said.
“We therefore declare that we cannot continue to be bound by these agreements and that Israel must assume all of its responsibilities as an occupying power.”