"There was general agreement, including on the part of the Palestinians, that the peace process has to be resumed as soon as possible with no preconditions," Netanhayu told reporters in New York.
"The importance of the meeting was actually its existence - in this case this common saying says a lot, because there was contact for half a year," said Netanyahu.
"This meeting brings back together people who have worked with each other for years, who have a real ability to change the face of the future."
Abbas, for his part, said that during the meeting he had repeated the Palestinian insistence that Israel halt construction in West Bank settlements and East Jerusalem.
In a statement he released after the summit, Abbas said: "In today's meetings we confirmed our positions and commitment to the road map and its implementation. We also demanded that the Israeli side fulfill its commitments on settlements, including on natural growth."
The Palestinian leader said that peace talks could only be resumed after they were based on the recognition of Israel's need to withdraw to its 1967 borders.
Foreign Minister Avigdor Lieberman, who also participated in the session, said the staging of the summit was "important," but criticized the Palestinians for making demands on Israel regarding the West Bank.
"The Palestinian side said they have no preconditions, but the other side is demanding all sorts of steps in Judea and Samaria," said Lieberman, referring to the West Bank.
He added: "I think that from our point of view this government, with all of its complexity, has been ready from day one to sit down and immediately talk with all the sides and all the neighbors, without preconditions."