Washington, Jan 10, SPA -- President George W. Bush said theelection of a new Palestinian Authority president Sunday isa key step toward the establishment of an independent andpeaceful Palestinian state. Bush, in a statement issued two hours after polls closed,called the election of Mahmoud Abbas "a historic day forthe Palestinian people." "Palestinians throughout the West Bank and Gaza took akey step toward building a democratic future by choosing anew president in elections that observers describe aslargely free and fair," Bush said. "The United States stands ready to help the Palestinianpeople realize their aspirations," Bush said. "The newPalestinian president and his cabinet face critical tasksahead, including fighting terrorism, combatting corruption,building reformed and democratic institutions, and revivingthe Palestinian economy." Bush said the United States will help Abbas and thePalestinian people address the challenges and help createtwo states, Israel and Palestine, side-by-side in peace. Hesaid other countries, including Israel, must do their partto create peace.--SPA1300 Local Time 1000 GMT www.spa.gov.sa/231339