US President Barack Obama has urged fellow world leaders to support Israeli-Palestinian peace negotiations currently under way. He was speaking at the 65th UN General Assembly at the organisation's New York headquarters. The week-long diplomatic marathon comes on the heels of a development summit which ended with a US pledge to revamp its foreign aid policy. Leaders will also holds dozens of extra meetings on the sidelines. Peace-keeping in Somalia, the possible break-up of Sudan, the conflict in Yemen, climate change and UN reform are all set to feature in these fringe meetings, which our diplomatic correspondent Jonathan Marcus says constitute the most important business of the event. While the Millennium Development Goals summit - which was was also held in new York - had a clear focus, this meeting is more of a free-style event, says our diplomatic correspondent. 'Free-style event' At the UN General Assembly, leaders take to the stage to make speeches on a subject of their choice. Speaking shortly after UN Secretary General Ban Ki-moon launched the diplomatic marathon, the US president urged the audience to support Israeli-Palestinian peace negotiations which started on 2 September. "We have travelled a winding road over the last twelve months, with few peaks and many valleys," Mr Obama said. "But this month, I am pleased that we have pursued direct negotiations between Israelis and Palestinians in Washington, Sharm el-Sheikh and Jerusalem." "Peace must be made by Israelis and Palestinians, but each of us has a responsibility to do our part as well." "Those who long to see an independent Palestine rise must stop trying to tear down Israel." The US president is scheduled to be followed later on Thursday by his Iranian counterpart, Mahmoud Ahmadinejad. Tensions remain high over Iran's nuclear programme, which the US and its allies believe is aimed at producing a nuclear bomb. Iran has already endured four rounds of increasingly punitive economic sanctions over the dispute, and Mr Ahmadinejad's speech will be scrutinised for any sign of change in his stance. Foreign ministers from countries including the US, UK, China, France, Germany and Russia discussed the issue at a meeting on Wednesday, and it is also likely to be raised on the fringes of the General Assembly. 'No peace without justice' In his opening address, Mr Ban urged the nations to stand together in a time of growing challenges and uncertainty. He said the UN provided a moral compass for a world in which social inequalities were growing, with women and children bearing the brunt. He called for a "stronger UN for a better world". "There can be no peace without justice," he said. "Let us send a clear message: No nation large or small can violate the rights of its citizens with impunity." Mr Ban said the UN had embraced an ambitious agenda for a more prosperous world free of poverty, and for a greener, safer world free of nuclear weapons. Credit: BBC