US President Donald Trump today signed the charter to formally launch the Board of Peace initiative at the World Economic Forum in Davos, describing it as a major step towards global conflict resolution. Mr. Trump called it an exciting day, saying that there is going be peace in the world. In his opening remarks, the US President said that one year ago, the world was actually on fire, but many good things are happening, and threats worldwide are really calming down. He said a lot of progress had been made towards ending Russia’s war in Ukraine.

Around 35 nations had committed to join, while 60 nations received invitations. Mr. Trump also suggested the new body could assume roles currently held by the United Nations. Several European allies declined participation, with concerns reportedly raised over the expanded mandate of the board and its possible impact on the existing international system based on the UN Charter.

The UK also said it would not sign the treaty, citing concerns related to the invitation to Putin. Countries seeking permanent membership would have to make a 1 billion US dollar contribution, while non-paying members would have a three-year mandate. The charter designates Trump as permanent chairman even after leaving office.