"This resolution is historic. It reflects a sea change in the European stance regarding key Palestinian issues," Nabil Shaath said in statements carried by Palestine's official Wafa news agency.
The resolution "supports the notion of recognizing a Palestinian state and the two-state solution," Shaath added, voicing hope that the move would serve as a "strong incentive" for other European governments to recognize Palestine.
On Wednesday, the European Parliament adopted a nonbinding resolution calling for the recognition of Palestinian statehood and the resumption of Palestine-Israel peace talks.
The resolution was approved by a vote of 498 to 88, with 111 abstentions.
The joint resolution supports "in principle" the recognition of Palestinian statehood and a "two-state" solution to the perennial Palestine-Israeli conflict.
The original text of the resolution, which was submitted by the Green Party, the Socialist Party and other groups, had urged EU countries to recognize Palestine without preconditions.
However, European MPs failed to agree on the text, and the resolution endorsed on Wednesday calls for recognition of Palestine based on peace talks with Israel.
Europe has recently been swept by a wave of support for Palestinian statehood, as the 20-year-old "peace process" between Palestinian and Israeli negotiators –currently stalled – has failed to produce any breakthroughs.
In October, Sweden became the first EU country to officially recognize Palestine.
More recently, both the French National Assembly and Senate adopted resolutions calling on the French government to recognize the State of Palestine.
The U.K., Spanish and Portuguese parliaments, as well as the Irish Senate, have all also endorsed similar non-binding resolutions, reflecting growing frustration with the sputtering peace process.
The Italian and Slovenian parliaments, meanwhile, are both expected to vote on similar resolutions in coming weeks.
More than 130 countries have now recognized Palestine as a state.
Meanwhile, Palestine is preparing to present – via Jordan – a UN Security Council resolution setting a two-year deadline for an Israeli withdrawal from territory occupied since 1967.
Peace talks between Israeli and Palestinian negotiators broke down in April over the self-proclaimed Jewish state's refusal to release a group of Palestinian prisoners despite earlier pledges to do so.
The roots of the conflict date back to 1917, when the British government called for "the establishment in Palestine of a national home for the Jewish people."
Israel occupied East Jerusalem and the West Bank during the 1967 Middle East War. It later annexed the holy city in 1980, claiming it as the capital of the self-proclaimed Jewish state in a move never recognized by the international community.