Prime Minister Narendra Modi will discuss ways to forge joint projects and further strengthen economic ties during the summit level talks with heads of States of Israel, the United States of America (USA) and the United Arab Emirates on Thursday. The virtual summit will also see the leaders take stock of food and energy shortages arising out of the ongoing Ukraine conflict.
This first conclave called I2U2 (India-Israel-UAE-USA) Leaders’ Virtual Summit will comprise Prime Minister Modi, Prime Minister of Israel Yair Lapid, President of the UAE Sheikh Mohamed bin Zayed Al Nahyan and US President Joe Biden. The summit will take place during Biden’s visit to Israel and Saudi Arabia.
Giving details of the upcoming high profile event, the ministry of external affairs(MEA) said here on Tuesday, the I2U2 Grouping was conceptualized during the meeting of the Foreign Ministers of the four countries on October 18 last year.
Each country also has Sherpa- level interactions regularly to discuss the possible areas of cooperation.The Leaders of the four countries 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 our respective regions and beyond.
These projects can serve as a model for economic cooperation and offer opportunities for our businesspersons and workers, the MEA said. The 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, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies.
Besides the I2U2 Summit, Biden will participate in an in-person summit in Jeddah of the Gulf Cooperation Council (GCC) + 3, which will bring together leaders of Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and the UAE, plus Iraq, Jordan and Egypt. As regards the I2U2 grouping, sources said the four countries have assured there are no military objectives for this combine and the stakeholders are pushing a constructive agenda focused on the economy, especially infrastructure projects.
The new group is informally referred to as the 'West Asia Quad.” The original Quad combine in the Indo-Pacific includes India, US, Japan and Australia.
The I2U2 assumed formal shape following the Abraham Accords between Israel and the UAE. The I2U2 addresses marine security, infrastructure, and transportation challenges in the region.
Elaborating upon the significance of this grouping, sources said given the growing importance of the Western Indian Ocean (WIO), the four countries will enhance greater engagement in the region to secure their interests.
The WIO, the region lying between India, the Suez Canal and South Africa, is strategically critical as it contains the key maritime chokepoints of the Bab-el-Mandeb and the Suez Canal.
Also, the threat of maritime piracy, smuggling of narcotics and weapons and terrorism has increased the importance of this region where India has lot of stakes, they said. The I2U2 nations have common interests and their capabilities are complementary to each other and the grouping will give a boost to the engagement in the region.