Based on what I found on a few end-time prophecy websites I suspect what is being talked about is the European Neighbourhood Policy. This is the home page of the relevant section of Europa (a web site maintained by the European Commision) - there are endless links you can follow to find out what it's all about.
It isn't a treaty in any way shape or form as far as I can tell. It's an EU policy to improve trade (it's almost always about money), security and general relations with a variety of nearby countries. Just over half of these are Middle Eastern Countries - the rest are countries which used to be in the USSR. An alphabetical list :
The Palestinian Authority (not a country)
It should be noted that there will be individual agreements between the EU and each of the countries, this is not a single agreement between all of them.
The only reference I can find to seven years is that the financial proposals covering this policy are in the EU budgetary period of 2007 to 2013.
As far as I'm concerned anybody who's talking about this as a peace treaty between the EU and Israel (or anyone else) is either lying through their teeth or grasping at straws to make current events fit their own religious views. The individual agreements the EU will enter into with the various countries are further away from being a peace treaty than the NAFTA agreement was between Canada, the US and Mexico.