U.S. President Barack Obama said on Wednesday that the U.S. will host a summit with its NATO allies and partners next May in Chicago to "shape the next phase" of the transition in Afghanistan.

He made the announcement in his major policy speech on the withdrawal of U.S. troops from Afghanistan at the White House.

In his speech, Obama announced his plans for drawdown of U.S. troops in Afghanistan which is set to begin next month, taking 10,000 troops from that country by year-end with a total of 33,000 troops to be out by next summer.