The Elysee Palace in Paris, office of the French president, with the Eiffel Tower across the River Seine visible in the background. AFP
French President Emmanuel Macron will give an introductory address to the gathering from 1500 GMT, the presidency said, after hailing the ceasefire deal as providing "great hope" for the region.
Israel and Hamas earlier agreed a ceasefire deal to free the remaining living Israeli captives held in Gaza.
The deal brokered through indirect talks in the Egyptian resort of Sharm el-Sheikh is seen as a major step towards ending Israel's two-year war on the territory.
Israeli bombardment has killed at least 67,000 Palestinians and injured nearly 170,000, mostly women and children, according to Gaza's health ministry.
While Europe has strongly supported the ceasefire efforts spearheaded by President Donald Trump, Washington and several European countries are at odds over Palestinian statehood.
Macron, in a September 22 speech at the United Nations, recognised a Palestinian state on the heels of similar announcements by Canada, Portugal and the United Kingdom.
The Paris meeting brings together the top diplomats of five key Arab states -- Egypt, Jordan, Saudi Arabia, Qatar and the United Arab Emirates -- with European counterparts from France, Italy, Germany, Spain and the United Kingdom.
Turkey and the European Union will also be represented.
Macron "will reiterate France's constant mobilisation in favour of a comprehensive political solution by working to prepare for the 'day after'", the Elysee said in a statement, adding the president supported the full implementation of Trump's peace plan.
The agenda at the Paris meeting includes the International Stabilisation Force evoked by Trump as part of his peace plan and support for the Palestinian Authority which governs the occupied West Bank, a French diplomatic source said this week, asking not to be named.
"It is essential to act together and get down to work," said German Foreign Minister Johann Wadephul.
Berlin, a staunch ally of Israel, has repeatedly said it disagrees with the move by France and other European countries to recognise a Palestinian state.
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