US President Donald Trump signed the charter to formally launch his "Board of Peace" initiative in Davos on Thursday, calling it a "very exciting day, long in the making".

"We're going to have peace in the world," Trump announced. "And we're all stars."

"Just one year ago the world was actually on fire, a lot of people didn't know it," Trump said in his opening speech. Yet "many good things are happening" and the threats around the world "are really calming down," the US president said.

Flanked by leaders of the board's founding member countries — including Argentinian President Javier Milei and Hungarian Premier Viktor Orbán — Trump also praised the work of his administration, "settling eight wars," and added that "a lot of progress" has been made toward ending Russia's all-out war in Ukraine.

He then took a moment to thank the heads of state in attendance.

"We are truly honoured by your presence today,” Trump said, stating they were "in most cases very popular leaders, some cases not so popular.”

"In this group I like every single one of them," Trump quipped.

'Most prestigious board ever'

Trump has previously described the newly-formed body as potentially the "most prestigious board ever formed."

The project originated in his 20-point Gaza ceasefire plan endorsed by the UN Security Council but has expanded far beyond its initial mandate.

Approximately 35 nations had committed to joining while 60 received invitations, according to Trumo administartion officials. The president suggested the board could eventually assume UN functions or render the world body obsolete.

"We have a lot of great people that want to join," Trump said during a Wednesday meeting with Egyptian President Abdel-Fattah el-Sisi, whose country confirmed membership.

Some leaders required parliamentary approval before committing, while uninvited nations were asking to be included, according to Trump.

Trump also defended inviting Russia's Vladimir Putin — who said he was consulting with "strategic partners" over Moscow's involvement — and strongman figures such as Belarus' Aliaksandr Lukashenka, saying he wanted "everybody" who was powerful and could "get the job done".

Several European allies declined participation. Norway, Sweden and France rejected invitations, with French officials expressing concern that the board might replace the UN as the world's main venue for conflict resolution, while affirming support for the Gaza peace plan itself.

Slovenian Prime Minister Robert Golob said "the time has not yet come to accept the invitation," citing worries the mandate was overly broad and could undermine international order based on the UN Charter, according to STA news agency.

Canada, Ukraine and China had not indicated their positions. Israeli Prime Minister Benjamin Netanyahu agreed to join on Wednesday.

The UK said it would not sign the treaty at Trump's ceremony over concerns regarding the invitation to Putin, British Foreign Secretary Yvette Cooper said.

One billion dollar fee

Countries seeking permanent membership face a $1 billion contribution fee, with Trump designated as permanent chairman even after leaving office, according to a copy of the charter obtained by media outlets. Non-paying members would have a three-year mandate.

Trump's peace initiative follows threats of military action against Iran this month during violent government crackdowns on large street protests that killed thousands. The president signalled no new strikes after receiving assurances that Tehran would not execute detained protesters.

Trump argued his aggressive Iran approach, including June strikes on nuclear facilities, proved essential for achieving the Israel-Hamas ceasefire. Iran served as Hamas' primary backer, providing hundreds of millions in military aid, weapons, training and financial support over the years.

"If we didn't do that, there was no chance of making peace," Trump said.