India, Israel, the United Arab Emirates, and the United States of America have formed a new group. “International Forum for Economic Cooperation” was its name. It focuses on enhancing Middle Eastern and Asian political and economic interaction, including trade, cooperation on tackling climate change, cooperation in the energy sector, and coordination on other significant shared interests. The quartet of nations will foster assistance and collaboration in a number of fields, including marine security, technology, and infrastructure. In this context, let’s understand the significance of this grouping.
History of the I2U2 Group:
Israel, the United Arab Emirates, and Bahrain signed the Abraham Accords in September 2020, which further paved the way for the restoration of regular relations between Israel and various Arab nations in the Gulf. The Abraham Accords were mediated by the United States.
After the Abrahamic Agreement, I2U2 was established in October 2021 to solve issues pertaining to infrastructure, transit, and maritime security.
The goal was to utilise the distinctive range of skills, expertise, and knowledge of the four partner nations, which ultimately resulted in the creation of I2U2.
What might the main focuses of I2U2’s cooperation be?
Within the context of these new bodies, this will assist nations in establishing and enhancing mutual security cooperation. With Israel, the US, and the UAE in particular, India already has a strong bilateral security collaboration.
Each of these nations is positioned to be a hub for technology, with biotechnology playing a significant role in each of them. Israel already has a reputation as a “Startup Nation.” India is also making independent efforts to create a complete startup environment.
The combined efforts of these four nations will be of highest significance in addressing and minimising the negative effects of food security. The World Food Security and Nutrition Status Report-2020 estimates that 14% of India’s population is undernourished.
Business and Contact:
I2U2 can aid in reviving and reimagining the four-country system of trade and commerce. It is significant that, after the US, the United Arab Emirates is India’s second-largest export market.
Connection / Contact:
I2U2 will support India’s initiative to construct a “connectivity corridor” that will run from India via the Arabian Gulf in the Arabian Peninsula to Israel, Jordan, and eventually the European Union, in collaboration with the United Arab Emirates and Saudi Arabia.
What significance does I2U2 have for India?
India has so far prioritised maintaining its bilateral connections with Israel and Arab nations as separate entities in its West Asian strategy. India now has the chance to harmonise its ties with Israel and the United Arab Emirates. India will be able to strengthen its ties with Israel thanks to the Abrahamic Agreement without endangering those with the United Arab Emirates and other Arab nations.
India has a big consumer base. It is also a top producer of high-tech products that are in high demand and will draw investors from West Asia.
I2U2 will strengthen India’s geopolitical position, notably in West Asia, and provide it the chance to become a significant global player on the strategic and commercial fronts. Only 2.5 million of the 8–9 million Indians that reside in West Asia are found in the United Arab Emirates. He introduces himself as India’s “Goodwill Ambassador.”
Through remittances, Indian communities throughout West Asia significantly boost the Indian economy. Increased I2U2 collaboration with West Asian nations will result in more money being sent home. In 2017, India received $38 billion in inward remittances from Gulf nations, according to a United Nations report on international migration.