A document circulated by Brussels to member states ahead of the meeting suggests that they should "set out the consequences they envisage to attach to engagement or non-engagement" with the EU's Middle East peace plan, the Financial Times reported.
Asked about the nature of those consequences, a senior EU official cited preferential trade and investment benefits that the European Union currently offers Israel under their association pact.
Netanyahu has frustrated his allies in Europe and the United States by repeatedly rejecting the so-called two-state solution that seeks to create an independent Palestinian state in the Gaza Strip and the West Bank. He took to social media on Saturday to reiterate that Israel needed to have full security control over the territories west of the Jordan River, which he said ruled out Palestinian sovereignty.
The EU reportedly plans to put forward a 10-point peace roadmap and will seek the support of the United States and the Arab world. The initiative, parts of which were quoted by Euractiv on Saturday, outlines a series of steps leading to Israeli and Palestinian states "living side by side" as well as "robust security guarantees" for both nations and a "full normalization" of ties between Israel and its Arab neighbors.