NEW DELHI: Till not very long back there was an India, Israel and UAE trilateral. This grouping was formed with the objective of boosting trade among their nations and estimates had pointed that by 2030 trade worth $110 could be established between these three nations.
US is the latest addition to the grouping which is now being termed as I2U2 (India, Israel, US and UAE).
A virtual summit of this group is likely to take place around the middle of July, coinciding the US President Joe Biden’s visit to the Middle East where he is scheduled to visit Saudi Arabia, West Bank and Israel. It is likely that President Biden will negotiate price of crude that is imported from Saudi Arabia.
The US is trying to re-energise and revitalize its alliance across the world. The Summit is likely to be attended by Prime Minister, Narendra Modi, US President Joe Biden, Israeli PM Neftali Bennett and UAE President Mohammad bin Zayad Al Nahyan.
Amongst the things that are likely to be discussed are humanitarian aid and food security issues that countries are battling with after the conflict in Ukraine began in February this year.
US State Department spokesperson Ned Price said that each of these countries are technological hubs.
"India is a massive consumer market. It is a massive producer of high-tech and highly sought-after goods as well. So, there are a number of areas where these countries can work together, whether its technology, trade, climate, COVID-19, and potentially even security as well," Price said.
India is well positioned globally. It has a presence across most nations through various groupings like Quad, BRICS, ASEAN, G20 and has also been invited for G7 which Germany is hosting later this month.