Mbeki, the newly elected chair of the Southern African Development Community, said it was not possible to say when the negotiations would be completed but the extraordinary summit of the organ of heads of state had conveyed its urgency.
Mbeki said SADC appealed to and encouraged the parties to sign any outstanding agreements and conclude the negotiations as a matter of urgency to restore political stability in Zimbabwe.
"[It] recognised that while negotiations are continuing it may be necessary to convene Parliament to give effect to the will of the people as expressed in the Parliamentary elections held on 29 March, 2008.
He said it was not possible to say when the negotiations will be concluded.
"The negotiating parties are convening and will look at whatever matters might be outstanding.
"The SADC organ did not give a cut off date," he said.
Mbeki said while he would continue to facilitate, SADC was still wary of outside interference.
"Let's really allow the people of Zimbabwe to determine their future, any solution that's imposed from outside won't last.
It won't last unless it's a common product that is owned by the entire collective of the leadership of Zimbabwe," he said.
Movement for Democratic Change Secretary General Tendai Biti said the party under the leadership of Morgan Tsvangirai, welcomed the decision to allow the parties to continue to negotiate.
"Failure is not an option. It is critical that we continue this dialogue," he said.
Earlier in closing the SADC Summit and after launching the Free Trade Area, Mbeki said no member state could assure political and social stability and security if the region continued to suffer poverty, underdevelopment and instability.
While the region's efforts had borne fruit, the achievement could not be taken for granted, Mbeki said.
"We will need to resuscitate that shared vision and commitment, the unity and cohesion that have characterised SADC from its inception, as we consider the next steps... to advance our regional integration efforts in Southern Africa."
While 85 percent of all intra-SADC trade was duty-free in 2008, the work was not complete. The remaining 15 percent of trade still needed to be liberalised fully by 2010.
"We need to ensure that all members are able to jointly meet that milestone," he said.
Mbeki said regional economic co-operation and integration gave the region's countries the opportunity to pool their limited resources and build an economic base to address the challenges of economic growth and development.
SADC business forum however said the private sector could not be kept out of the dialogue and had a pivotal role to play.
Speaking during the launch, Zeth Nkosi said the target date of 2010 for the establishment of the SADC Customs Union was "ambitious".
The Summit also recognised the re-admission of Seychelles, after withdrawing its membership five years earlier.
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