Nearly 30 foreign ministers from countries in Europe and the Middle East met on the sidelines of the United Nations General Assembly on Monday to unveil a new initiative aimed at reviving the long-dormant Israeli-Palestinian peace process.

The “Peace Day Effort” was driven by the European Union, Saudi Arabia, the Arab League, Egypt, and Jordan, who agreed at the event to produce a “Peace Supporting Package” in the coming months that will maximize dividends for Israelis and Palestinians, once they reach a peace agreement.