New Delhi: Prime Minister Narendra Modi will participate in the I2U2 Summit, along with his Israeli counterpart Yair Lapid, President of the UAE Mohammed bin Zayed Al Nahyan and US President Joseph R. Biden, the Ministry of External Affairs said on Tuesday.
The maiden I2U2 Summit will be held virtually on July 14. The I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries held on October 18, 2021. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation. With a geopolitical shift in the Western Indian Ocean region, the coming together of the new grouping also called the West Asia Quad - India, Israel, US and UAE, is likely to help in greater engagement in various sectors and deal with challenges in the region.
I2U2 is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security. It intends to mobilize private sector capital and expertise to help modernize the infrastructure, and low carbon development pathways for our industries, improve public health and promote the development of critical emerging and green technologies.
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The leaders will discuss the possible joint projects within the framework of I2U2 as well as the other common areas of mutual interest to strengthen the economic partnership in trade and investment in the respective regions and beyond. These projects can serve as a model for economic cooperation and offer opportunities for businesspersons and workers in the region. The new grouping comes after the Quad in Indo-Pacific, which includes India, the U.S, Japan and Australia.
I2U2 and its significance?
I2U2 was initially formed in October 2021 following the Abraham Accords between Israel and the UAE, to deal with issues concerning maritime security, infrastructure and transport in the region. At that time, it was called the ‘International Forum for Economic Cooperation. That was referred to as the ‘West Asian Quad’. In the grouping’s name, ‘I2’ stands for India and Israel, whereas ‘U2’ stands for the USA and the UAE. This will not only revitalize and re-energize the system of alliances and partnerships around the world but also stitch together partnerships that did not exist previously or were not utilized to their full extent.
