The reactionspp → e + e − and e + e − →pp are analyzed in the near-threshold region. Specific emphasis is put on the role played by the interaction in the initial-or final antinucleon-nucleon (NN) state which is taken into account rigorously. For that purpose a recently publishedNN potential derived within chiral effective field theory and fitted to results of a new partial-wave analysis ofpp scattering data is employed. Our results provide strong support for the conjecture that the pronounced energy dependence of the e + e − ↔pp cross section, seen in pertinent experiments, is primarily due to thepp interaction. Predictions for the proton electromagnetic form factors G E and G M in the timelike region, close to theNN threshold, and for spin-dependent observables are presented. The steep rise of the effective form factor for energies close to thepp threshold is explained solely in terms of thepp interaction. The corresponding experimental information is quantitatively described by our calculation.