A resolution adopted on Wednesday by the European Parliament supports Palestinian statehood "in principle," a move that supporters say will help advance peace talks between Israel and Palestine.

The symbolic gesture, passing with 498 votes to 88, was a compromise between the European Parliament's main parties. Left-leaning lawmakers originally wanted the European Union's 28 member states to recognize Palestine now without conditions, reported Reuters.

"[The European Parliament] supports in principle recognition of Palestinian statehood and the two-state solution, and believes these should go hand in hand with the development of peace talks, which should be advanced," the motion read.

In October, Sweden decided to officially recognize Palestine as a state, and since then, non-binding symbolic votes in favor of Palestine have occurred in Britain, France and Ireland.

An Arab-backed draft resolution that would set a November 2016 deadline for Israel to end its occupation is scheduled to be submitted later Wednesday to the U.N. Security Council for a vote, reported The Associated Press.

However, Palestinian foreign minister Riad Malki commented that a vote would likely be postponed while negotiations to avoid a U.S. veto are pursued.

"We were informed that France has agreed with the United States, the United Kingdom and Jordan to continue talks about the draft resolution in order to obtain the biggest possible number of votes and to avoid a [US] veto," Malki told the Voice of Palestine radio Wednesday, according to the AP.

Israeli Prime Minister Benjamin Netanyahu responded to the draft resolution by saying that Israel "will not accept attempts to dictate unilateral, time-bound moves to us."

"I will say these things in the clearest manner. Even if there are dictates, we will stand up to them firmly."

Netanyahu also accused European governments of siding with the Palestinians, and claimed that recognizing Palestine as a state would "endanger Israel."

"I said that the attempts of the Palestinians and of several European countries to force conditions on Israel will only lead to a deterioration in the regional situation and will endanger Israel," he said in a statement, according to Ynetnews.

"Therefore, we will strongly oppose this."