1113 GMT December 19, 2018
At the end of a two-day gathering late Monday, the council also called for suspending recognition of Israel. Abbas, who controls the council, has not implemented such decisions in the past.
Security cooperation is unpopular among Palestinians, but has survived repeated crises and years of deadlock in talks with Israel on setting up a Palestinian state.
The council said the decision was made "in light of Israel's continued denial of the signed agreements".
Its decision reflects the Palestinians' frustration with a lack of movement in peace efforts as well as anger with US President Donald Trump, who they accuse of being unfairly biased toward Israel.
Speaking on Sunday, Abbas again vowed to block any peace plan led by Trump.
Abbas compared the expected Trump peace plan to the 1917 Balfour Declaration, which saw the British government commit to the creation of Israel in Palestine.
"If the Balfour Declaration is passed, this deal will not pass," he said.
The European Union on Tuesday called on the Palestinians not to carry out the council's recommendations.
It said the mutual recognition between Israel and the Palestine Liberation Organization was a "considerable achievement that put an end to a tragic cycle of violence."
It said it would continue to work with both sides and other relevant actors to resume direct peace talks.
But Israel Cabinet Minister Naftali Bennett accused the Palestinians of showing their "true colors."
"The Palestinians are not interested in peace and never have been," he said.
AP and Al Jazeera contributed to this story.