WASHINGTON — President Obama on Wednesday renewed his call for a two-state solution to the Israeli-Palestinian conflict and argued that it was crucial to Israel’s security, using the completion of a new agreement to provide $38 billion in American military aid as an occasion to prod Prime Minister Benjamin Netanyahu on a long-running dispute.

Mr. Obama said the 10-year, $38 billion agreement — the most generous of its kind ever — would “make a significant contribution to Israel’s security in what remains a dangerous neighborhood.” In a statement after the deal was signed in a formal ceremony at the State Department, the president said it underscored the United States’ status as “Israel’s greatest friend and partner.”

But in a nod to his differences with Mr. Netanyahu, with whom he has clashed over the Iran nuclear deal and Israeli settlement activity, Mr. Obama also stressed the importance of resolving the Israeli-Palestinian conflict, an imperative he said was as vital to Israel’s security as the aid package itself.

“It is because of this same commitment to Israel and its long-term security that we will also continue to press for a two-state solution to the longstanding Israeli-Palestinian conflict, despite the deeply troubling trends on the ground that undermine this goal,” Mr. Obama said. “As I have emphasized previously, the only way for Israel to endure and thrive as a Jewish and democratic state is through the realization of an independent and viable Palestine.”