Understanding the new I2U2 bloc and what exactly was agreed at the first summit attended by PM Modi

The inaugural summit of the four-nation grouping I2U2 ended on a positive note on Thursday with an investment of $2 billion to develop a series of integrated food parks across India and also the establishment of a 300-megawatt hybrid renewable energy project in Gujarat. Prime Minister Narendra Modi in his remarks said that the I2U2 established “a positive agenda and its framework is a good model for practical cooperation in the face of increasing global uncertainties”.

This is truly a meeting of strategic partners. We are all good friends and we all have similar interests in our outlook: PM @narendramodi

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— PIB India (@PIB_India) July 14, 2022

So, what exactly is the I2U2 and what were its main achievements after its first meeting that was held virtually. We take a closer look and give you all the answers. What is I2U2? The new quadrilateral forum comprises of India, Israel, the United Arab Emirates, and the United States. The grouping is the result of a meeting of the foreign ministers of the four countries held on 18 October, last year when External Affairs Minister S Jaishankar visited Israel. At that time, the grouping was called the ‘International Forum for Economic Cooperation’. The grouping was also referred to as the West Asian Quad by Ahmed Albanna, Ambassador of the UAE to India. Michael Kugelman, the Asia Program deputy director and senior associate for South Asia at the Wilson Center in Washington, writing for Foreign Policy said the I2U2 is similar to the Indo-Pacific Quad (India, Japan, the United States, and Australia). He added that however, the I2U2 lacks a unifying, galvanising cause; the Indo-Pacific Quad is fueled by a common desire to counter Beijing. Purpose of the I2U2 The I2U2’s aim is to discuss “common areas of mutual interest, to strengthen the economic partnership in trade and investment in our respective regions and beyond”. It has identified six areas of cooperation — in water, energy, transportation, space, health, and food security. The countries have said there is no military angle to their cooperation and are pushing a constructive agenda focused on the economy, especially infrastructure projects, as per Hindustan Times. How do the countries benefit from I2U2? The I2U2 will enable Washington to expand and restore partnerships that suffered during the Donald Trump regime and also reframe relationships in the Middle East. India too benefits from backing the I2U2 as it allows New Delhi to play a greater global role and deepen ties with Middle East, an area it views significant because of its energy and economic interests and a large diaspora presence. The bloc presents the UAE an opportunity to get an edge in the Persian Gulf – the maritime route that sees most of Asia’s oil passing through. For Israel, the I2U2 is a chance to improve ties with the Arab world. Israel will look to New Delhi’s assistance in bridging differences between Israel and other Arab countries and resolving problems that have made the region volatile for decades. [caption id=“attachment_10913891” align=“alignnone” width=“640”]  Israel’s Yair Lapid listens as President Joe Biden speaks during a virtual summit with the leaders of India and the United Arab Emirates. It marks the first meeting of the group, known as I2U2. AP[/caption] What was achieved at the first meet? On Thursday, Prime Minister Narendra Modi, United States president Joe Biden, Israeli prime minister Yair Lapid and the UAE’s president Mohammed bin Zayed Al Nahyan met virtually for the first I2U2 summit. The meeting was held during Biden’s visit to Israel, part of his first tour of West Asia since becoming president. At the summit, it was announced that the UAE will invest $2 billion to develop a series of integrated food parks incorporating state-of-the-art climate-smart technologies to reduce food waste, conserve fresh water and employ renewable energy sources across India. In a joint statement it was announced that “US and Israeli private sectors will be invited to lend their expertise and offer innovative solutions that contribute to the overall sustainability of the project. These investments will help maximise crop yields and, in turn, help tackle food insecurity in South Asia and the Middle East. It added that India that will “facilitate farmers’ integration into the food parks”. In addition to this, the I2U2 also announced that it would advance a hybrid renewable energy project in Gujarat consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system. The joint statement read, “The I2U2 Group will advance a hybrid renewable energy project in India’s Gujarat state consisting of 300 megawatts (MW) of wind and solar capacity complemented by a battery energy storage system. The US Trade and Development Agency funded a feasibility study for the $330 million USD project.” The statement further said that the UAE-based companies are exploring opportunities to serve as critical knowledge and investment partners. “Israel and the United States intend to work with the UAE and India to highlight private sector opportunities. Indian companies are keen to participate in this project and contribute to India’s goal of achieving 500 GW of non-fossil fuel capacity by 2030. Such projects have the potential to make India a global hub for alternate supply chains in the renewable energy sector,” the statement read. The leaders also reaffirmed their support for the Abraham Accords and other peace and normalisation arrangements with Israel. “This unique grouping of countries aims to harness the vibrancy of our societies and entrepreneurial spirit to tackle some of the greatest challenges confronting our world, with a particular focus on joint investments and new initiatives in water, energy, transportation, space, health, and food security,” they said. With inputs from agencies Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.