U.S. President Donald Trump on Thursday formally launched his ambitious “Board of Peace” at the World Economic Forum, unveiling a new international body initially tied to Gaza’s fragile cease-fire but pitched as a broader platform that could reshape, and potentially rival, the United Nations’ role in global diplomacy.

Calling it “a very exciting day,” Trump told a packed ceremony in Davos that interest in joining the board was high, even as skepticism from major powers lingered.

Trump, who will chair the body, said the Board of Peace, which “everybody wants to join,” would work “in conjunction with the United Nations,” while again criticizing the U.N. for failing to stop wars despite what he described as its “tremendous potential.”

The board carries a steep entry price: $1 billion for permanent membership.

Trump said he has invited a wide array of leaders, including Russia’s Vladimir Putin, Israel’s Benjamin Netanyahu and Hungary’s Viktor Orban, arguing that a mix of powerful and unconventional partners could give the board clout.