"In a more competitive and unpredictable world, we need transatlantic unity; Europe and North America standing strong together in NATO; so the goal of our NATO 2030 initiative is to prepare our Alliance for the future," Stoltenberg said at a virtual press conference Tuesday, according to a NATO press release.

"We need to spend more, but we also need to spend better," Stoltenberg said.

"Therefore, Allies should invest more together, because pooling our resources is a force multiplier and a more effective way to boost our common security; and it sends a powerful message of unity and resolve -- both to our own people, and to any potential adversary," he said.

Foreign and defense ministers with the alliance planned to discuss the NATO 2030 initiative, which will also play a significant role at the upcoming Summit of NATO leaders, scheduled for June 14 in Brussels.

Defense chiefs also met in May to discuss the initiative, a 66-page document that stresses adaptability, increased readiness and investment to stay relevant.

According to NATO, leaders who attend Tuesday's teleconference were also expected to discuss issues like the future of NATO's engagement in Afghanistan, as well as recent developments in Belarus and Ukraine.

NATO leaders began planning the upcoming summit late last year, extending an invitation to U.S. President Joe Biden shortly after his election.