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The I2U2 initiative

  • Published
    17th Jun, 2022
Context

Israel is looking forward to promote the new I2U2 initiative, a new grouping of India, Israel, USA and UAE.

  • As part of the I2U2 initiative, US President will hold a virtual summit with the leaders of all member nations during his visit to West Asia from July 13 to 16.
Background
  • In October 2021, a meeting of the foreign ministers of the four countries took place when the External Affairs Minister of India visited
  • At that time, the grouping of the four-nation was called ‘International Forum for Economic Cooperation'.
  • This time, the meeting between the groupings of four nations will take place at the level of the heads of government/state with an upgrade.
  • Thus given rise to a new initiative.

About

  • In the grouping’s name, ‘I2’ stands for India and Israel, whereas ‘U2’ stands for USA and the UAE.
  • The summit will focus on Food security challenge and other areas of cooperation across the hemisphere, with the UAE and Israel serving as significant innovation hub.
  • It is an entirely new grouping aimed to dedicate in enhancing economic and political cooperation in Middle East and Asia especially through Trade, climate change mitigation and energy cooperation.

Significance of the grouping for India

  • The US regards India as a big consumer market as well as a massive producer of high tech and highly sought-after goods.
  • Therefore, it will benefit India for investments in its Technology, trade, Climate and COVID-19 fields.
  • Strengthen Israel and UAE’s Trade relations: As both the country’s geographic locations are very much significant for international Trade routes, Both USA and India will benefit by their cooperation.

Other Groupings of India with US

  • QUAD
  • India-US Trade Policy Forum (TPF)
  • LEMOA (logistics exchange agreement) 
  • Basic Exchange Cooperation Agreement (BECA) 
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