Those are definitely not the same thing, and there is certainly a legal basis for the "state of Israel" to recognize the "state of Palestine", and vice versa. The Palestinians did their bit as far back as 1991, and to this very day the Israelis have not reciprocated.
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Russian jet hit inside Syria after incursion into Turkey, U.S. official says (Reuters)
from the article: Before Abbas recognizes the Jewish state, Israel must define it