Twelve nations, including the UK, plan to invest over £37bn ($50bn) in the next decade on a new long-range missile for Europe's defense.
No 10 has just revealed the Deep Precision Strike project, which will be addressed later on Wednesday at the Nato summit in Ankara, the capital of Turkey.
Sir Keir Starmer is attending his last Nato summit in the role of prime minister. He is expected to encounter criticism from US President Donald Trump for not outlining a strategy to achieve 3.5% of GDP allocated to defence by 2035, a goal accepted by almost all Nato members last year.
However, on Wednesday the prime minister will gather about twelve leaders to talk about the new missile initiative.
Promoted as one of NATO's most sophisticated weapons, it is designed to hit targets nearly 200 miles (300km) distant with precise accuracy, potentially reaching up to 1,250 miles.
Sir Keir stated that the UK-driven plan would "assist in uniting European partners to ensure NATO remains secure for many years ahead."
Foreign Secretary Yvette Cooper stated that the initiative is "an acknowledgment that we exist in a riskier world."
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"This concerns how we ensure a more robust Europe alongside a more powerful NATO," she said during her interview with BBC Breakfast from Ankara.
However, similar to various military initiatives in development, Deep Strike is anticipated to be operational by the 2030s.
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In June, US Defense Secretary Pete Hegseth revealed a six-month assessment of the deployment of US troops in Europe.
Trump has consistently emphasized his desire for NATO members to increase their defense spending in Europe, and during last year's NATO summit, alliance members committed to allocating 5% of GDP to defense and security by 2035.
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Sir Keir expressed he was "committed" to guaranteeing the security of the UK and its partners, stating: "We need to advance to create a more robust, European Nato."
The UK government has committed £300 billion to the Defence Investment Plan by 2030.