India, UAE Sign Several Key Agreements To Strengthen I2U2 Bloc

Utkarsh Classes Last Updated 10-01-2024

India, UAE Sign Several Key Agreements To Strengthen I2U2 Bloc

Person in News 6 min read

India and the United Arab Emirates (UAE), on January 9, 2024 finalised four agreements to strengthen cooperation within the I2U2 group. Prime Minister Modi and President Sheikh Mohamed bin Zayed Al Nahyan discussed strengthening bilateral ties in other areas.

Roadshow of PM Modi and UAE Al Nahyan President:

Prime Minister Modi welcomed the UAE President at the Sardar Vallabhbhai Patel International Airport in Ahmedabad. Rode in a car with him and did a 15-minute long road show.
This was the first time that Modi hosted a leader of a West Asian country in this manner in his home state, Gujarat.
Prime Minister Modi also had a bilateral meeting with the President of UAE and four important agreements were also signed between the two countries.
Earlier, Prime Minister Modi had done road shows in Ahmedabad with many world leaders, mainly:
- Israel's Prime Minister Benjamin Netanyahu,
- Former US President Donald Trump
- Late Japanese Prime Minister Shinzo Abe.

Agreements signed between the two countries:

The four agreements reached between the two leaders mainly include:

Investment agreement to exploit non-conventional energy sources.
Agreement on cooperation in the field of projects related to the health sector.
Agreement in the food processing sector.
1. Its objective is to create food processing parks in India.
Agreement between UAE company DP World and Gujarat government.
1. Whose objective is the construction of ports in Gujarat.
2. It is unclear whether this will lead to the construction of new ports in Gujarat or upgrading existing ports.

The MoU on Renewable Energy and Food Processing includes plans prepared by I2U2 Group to develop projects in these two sectors in Gujarat.

Investing in food parks to tackle food insecurity in Asia:

The first summit of I2U2 was held in July 2022. It was decided that the UAE would invest $2 billion to develop a series of integrated food parks. India will provide land and facilitate the integration of farmers. Food parks aim to tackle food insecurity in South Asia and West Asia.
I2U2 also announced plans to build a hybrid renewable energy project in Gujarat with 300 MW of wind and solar capacity. At the time, it was said that UAE-based companies were exploring opportunities to become knowledge and investment partners in the project.

4th meeting between PM Modi and UAE President in seven months:

It was the fourth meeting between the Indian Prime Minister and the UAE President in less than seven months. PM Modi lauded the rapidly changing India-UAE partnership and reaffirmed their commitment to a shared and prosperous future.

About India-Israel-UAE-United States of America (I2U2):

I2U2 was formed following the Abraham Accords between Israel and the UAE in October 2021. So that issues related to maritime security, infrastructure and transportation in this region can be dealt with.
At that time, it was called 'International Forum for Economic Cooperation'. It was also called the 'West Asian Quad'.

Naming of I2U2:

The I2U2 initiative is a new consortium of India, Israel, USA and UAE. The group's name includes 'I2,' representing the collaboration between India and Israel. While 'U2' stands for the United States of America and the United Arab Emirates.
It mirrors the shifts in the geopolitical landscape of the region. I2U2 will revitalise and energise a system of alliances and partnerships worldwide. It will also add partnerships that did not previously exist or were not fully utilised.