US President Barack Obama is holding tri-lateral talks on the sidelines of the UN General Assembly in New York today on the West Asia peace process.Barack Obama would meet Israeli Prime Minister Benjamin Netanyahu and Palestinian president Mahmoud Abbas separately before the three go into a joint session. White house spokesperson has expressed the confidence that the talks would lay the groundwork for the re launch of negotiations for peace in the Middle East region.The announcement follows a weeklong trip of US envoy George Mitchell's visit to the region, which ended without agreement.