The following is an edited transcript of a discussion held at the Middle East Policy Council on May 15, 1995. The springboard was the 20 points set out at the beginning by Jerome Segal, research scholar at the University of Maryland'S Center for International and Security Studies and president of the Jewish Peace Lobby. Dr. Segal presented this proposal to Shimon Peres and Yasser Arafat last April. Council President George McGovern hosted the meeting, which included the following participants (in alphabetical order): Robert O. Freedman, Peter Gubser, Khalil Jahshan, Omar Kader, Thomas Mattair, Don Peretz, Hasan Abdel Rahman, Jerome Segal and Shibley Telhami (see text for affiliations).