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It's a watershed moment that has won support on many fronts, but drawn condemnation from Israel and the United States.

The Palestinian flag was raised outside the headquarters of the United Nations in New York for the first time Wednesday.

Under cloudy skies, the politically sensitive flag raising ceremony took place at 1:16 p.m. at the U.N.'s Rose Garden.

The historic moment came after Palestinian leader Mahmoud Abbas told the U.N. General Assembly that the Palestinian Authority was no longer bound by the Oslo Peace Accords.

At the ceremony, U.N. Secretary-General Ban Ki-moon called the occasion a "day of pride for the Palestinian people around the world" and a "day of hope."

"Now is the time to restore confidence by both Israelis and Palestinians for a peaceful settlement and, at last, the realization of two states for two peoples," he said.

During his General Assembly speech, however, Abbas accused Israel of not committing to the Oslo Accords and, in response said, "They leave us no choice but to insist that we will not remain the only ones committed to the implementation of these agreements, while Israel continuously violates them."

Abbas declared what he called "Palestine" as a "state under occupation."

"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, because the status quo cannot continue," Abbas said.

The Oslo Accords are a series of peace agreements between Israel and the Palestinians signed in the 1990s

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