SYLLABUS SECTION: GS II (INSTITUTIONS)
WHY IN THE NEWS I2U2 SUMMIT?
Prime Minister will participate in the First I2U2 (India-Israel-UAE-USA) Leaders’ Virtual Summit on July 14, 2022.
- 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.
- The I2U2 Grouping was conceptualize during the meeting of the Foreign Ministers of the four countries held on 18th October last year. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation.
I2U2 SUMMIT INITIATIVE:
- Following the Abraham Accords between Israel and the UAE, I2U2 was found in October 2021 to address marine security, infrastructure, and transportation challenges in the region.
- It known as the ‘International Forum for Economic Cooperation’ at the time.
- At that time, UAE had referred to the new grouping as the ‘West Asian Quad’.
- It is aim to encourage joint investments in six mutually identify 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 the industries, improve public health, and promote the development of critical emerging and green technologies.
Read more: UPSC CURRENT AFFAIRS
SOURCE: ALL INDIA RADIO