LONDON, March 26 (Xinhua) -- Northern Ireland's political parties reached a long-awaited agreement Monday on power-sharing in the province, starting on May 8.

    The deal was made at a historic meeting between Ian Paisley, head of the Democratic Unionist Party (DUP), and Gerry Adams, of Sinn Fein, at Stormont, the seat of Northern Ireland's parliament,Sky news reported.

    This is the first ever face-to-face meeting between the two sides in the provincial parliament, accompanied by an 11-member delegation from each party.

    Bertie Ahern, the Taoiseach, said the meeting showed the country was moving "forward from today in an entirely new spirit and with every expectation of success."

    He believed the event has the "potential to transform the future of this island (Ireland)."

    The Irish prime minister urged all parties in the province to make the best use of the preparatory period now available "to ensure that the new Executive will be able to discharge its responsibilities with full and immediate effect on May 8."

    British Prime Minister Tony Blair, who has been working alongside his Irish counterpart on peace in Northern Ireland for a number of years, regarded Monday as "a very important day for the people of Northern Ireland but also for the people and the history of these islands."

    "Everything we have done over the last ten years has been a preparation for this moment," he added.

    Paisley pledged, "We must not allow our justified loathing of the horrors and tragedies of the past to become a barrier to create a better and more stable future for our children. In looking to the future, we must never forget those who have suffered during the dark period from which we are, please God, now emerging."

    Adams, president of Sinn Fein, said, "The discussions and agreement between our two parties showed the potential of what can now be achieved."

    He said his party will build a new relationship with every party in the province to allow every citizen to share and have equality of ownership of a peaceful, prosperous and just future.

    The Northern Ireland assembly has been suspended since October 2002 following allegations of an Irish Republican Army spy ring at Stormont. Direct rule by the British government has since been enforced in the province.