President Obama will soon unveil a new Middle East peace initiative, Israeli Defense Minister Ehud Barak said.

Speaking Tuesday at the Knesset Foreign Affairs and Defense Committee, Barak said the initiative's details were still in the works.

"We're in talks with them and the other regional players, including the Palestinians, are also in talks with them," Barak said, referring to negotiations with the United States. "When the initiative is formulated and presented, I think we should treat it seriously and see it as an opportunity to jump aboard while upholding Israel's defense and other vital interests."

During the hearing, Barak avoided answering questions by opposition leader Tzipi Livni pertaining to the specifics of the new peace plan.

"Not everything can be summed up in four words," he said.