Prime Minister Narendra Modi Today the new group of four countries will join the leaders of the US, Israel and the United Arab Emirates at the first virtual summit of ‘I2U2’ to discuss joint economic projects to enhance cooperation in the fields of trade and investment.
Besides PM Modi, the event is being hosted by US President Joe Biden, who is currently on a visit to West Asia till July 16, which will be attended by Israeli PM Yair Lapid and UAE President Sheikh Mohamed bin Zayed Al Nahyan.
In the group name, “I” stands for India and “U” for Israel and the US and the United Arab Emirates.
The Ministry of External Affairs (MEA) said on Tuesday that the leaders will discuss possible joint projects within the framework of I2U2 as well as other common areas of mutual interest to strengthen economic partnership in trade and investment in our respective regions and ahead.
The MEA said these projects can serve as a model for economic cooperation and provide opportunities for business persons and workers from member countries.
I2U2’s Agenda
The MEA said that the objective of I2U2 is to encourage joint investment in six mutually recognized sectors such as water, energy, transport, space, health and food security.
“It intends to mobilize private sector capital and expertise to help modernize infrastructure, drive low-carbon growth pathways for our industries, improve public health, and fuel the development of critical emerging and green technologies. “
The I2U2 grouping was conceptualized during the meeting of foreign ministers of four countries held on 18 October last year. There are also regular Sherpa level talks in each country to discuss possible areas of cooperation.
The leaders are also likely to discuss the global food and energy crisis Ukraine confrontation.
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