Palestinian President Mahmoud Abbas is pictured at the UN headquarters in New York, Jan. 14, 2019. (Xinhua)

RAMALLAH, June 15 (Xinhua) -- Palestinian President Mahmoud Abbas announced on Saturday that Palestine will not participate in the U.S.-sponsored economic workshop to be held in Manama, capital of Bahrain, on June 25.

Abbas stressed that "we reject the U.S. peace plan," better known as the "Deal of the Century," in a meeting with the leaders of the Fatah Youth Movement in Ramallah.

The U.S. administration is planning to soon present the peace plan for resolving the conflict in the Middle East. The Palestinians have announced that they reject it.

"Jerusalem and Palestine are not for sale," Abbas told the leaders, adding that "the Palestinian leadership is sticking to the stable legitimate rights of the Palestinian people to establish their independent state."

The Palestinian Authority (PA) severed its political ties with the United States after President Donald Trump declared Jerusalem as the capital of Israel in December 2017 and moved his country's embassy to the city in May last year.

Meanwhile, Abbas reiterated the Palestinians' rejection to receive the partial funds of the tax revenue dues collected by Israel on behalf of the PA from the Palestinian trade.