PM Modi to attend first virtual I2U2 summit with US, UAE and Israel leaders
The Prime Minister of India, Narendra Modi is all set to join the leaders of United States, the United Arab Emirates and Israel for the first virtual summit for the new group of these four countries called “I2U2”. Modi will be joining US president Joe Biden, Israeli Prime Minister Yair Lapid and UAE President Sheikh Mohamed bin Zayed Al Nahyan on Thursday’s virtual summit of I2U2. The meet comes as US President Joe Biden is on a visit to Middle East till July 16.
Objective of I2U2
In the group’s name I2U2, ‘I’ stands for India and Israel, and ‘U’ stands for US and UAE. The aim of the I2U2 grouping is to discuss “common areas of mutual interest, to strengthen the economic partnership in trade and investment in our respective regions and beyond”.
The agendas of I2U2 summit include Ukraine war and its impact, Iran nuclear deal, rising food prices and surging inflation.
Areas of cooperation and agendas
The Ministry of External Affairs (MEA) had said on Tuesday that the four leaders will discuss the probable joint projects under I2U2 framework, along with other common arenas of mutual interest to bolster the economic partnership in trade and investment in respective regions and beyond. Joint investments are expected in six mutually identified sectors – water, transportation, energy, space, health and food security.
“It intends to mobilise 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,” MEA said in a statement.
$2 billion food security initiative
According to US officials, the summit is to unveil $2 billion food security initiative by the leaders of I2U2. This initiative envisages setting up of agricultural parks in India with help from UAE funding.
US National Security Adviser Jake Sullivan also said on Wednesday that there will be a “significant announcement around food security and agricultural technology” at the summit. This is an area “where all four countries can come together to help deal with an immediate crisis facing the entire world”, he added.