The Peace Board formed by US President Donald Trump was established on Thursday in Davos, Switzerland.
The board has been signed by dozens of countries, while the US's main Western allies have been absent.
Trump said after the signing that he wants his "Peace Board" to work in collaboration with the United Nations, although he criticized the UN for failing to fulfill its potential.
"Once this board is fully formed, we can do almost anything we want to do, and we will do it in cooperation with the United Nations," he said in Davos.
"I have always said that the United Nations has extraordinary potential. It has not used it, but it has extraordinary potential," he added.
Trump had previously suggested that the "Peace Board," which he formed primarily to help rebuild Gaza, "could" eventually replace the UN. But on Thursday he said he wanted the two to work in combination, claiming it could result in "something very, very unique for the world."
However, he spoke harshly about the UN's current performance, claiming that it had played little role in mediating the conflicts that Trump counts among the so-called wars he believes he has ended.
"In the eight wars that I've ended, I've never talked to the United Nations, not one of them," Trump said. "They tried, I think, and some of them, but they didn't try hard enough."