Prime Minister Narendra Modi, while addressing the first virtual four-nation I2U2 Summit, on Thursday, 14 July, said that the coalition's framework is a "good model for practical cooperation in the face of increasing global uncertainties."
"It is clear that both vision and agenda of I2U2 are progressive and practical," he added.
PM Modi participated in the virtual summit alongside Prime Minister of Israel Yair Lapid, President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan, and United States President Joe Biden.
The meeting, which began around 4 pm, involved discussions surrounding joint economic projects to bolster economic cooperation under the framework of the coalition.
Prime Minister, in an address on Twitter, said that the participating countries had decided to "mobilise private sector capital and expertise to modernise infrastructure."
The I2U2 grouping was conceived during a meeting of foreign ministers of the four countries on 18 October 2021. Each country also has Sherpa-level interactions regularly to discuss the possible areas of cooperation.
PM Modi had earlier made a short visit to the UAE to express condolences on the passing away of Sheikh Khalifa bin Zayed Al Nahyan, the former UAE president, after attending the G7 Summit.
'Meeting About Food Security & Clean Energy': Joint Statement by US, India and Others
A joint statement issued by the Leaders of India, Israel, United Arab Emirates, and the United States (I2U2), said that this "unique grouping of countries" aims to "harness the vibrancy of our societies" to tackle some of the greatest challenges facing the world.
It further added that the inaugural meeting today focused on the food security crisis and clean energy. The leaders discussed "innovative ways" to ensure longer-term, "more diversified food production" and food delivery systems that can manage global food shocks better.
They reaffirmed their "support for the Abraham Accords and other peace and normalization arrangements with Israel."
The leaders, according to the statement, also welcomed India’s interest in joining the United States, the UAE, and Israel in the Agriculture Innovation Mission for Climate initiative (AIM for Climate).
They said that these are only the first steps in a long-term strategic partnership to promote initiatives and investments that improve the movement of people and goods across hemispheres, and "increase sustainability through collaborative science and technology partnerships."
UAE President Mohammed Bin Zayed Al Nahyan, in a separate statement, agreed that this was a great "opportunity for cooperation between countries in areas like food and energy security, climate change and health care."
'Model for Economic Cooperation': Ministry of External Affairs
Earlier, before the meeting began, a statement from the Ministry of External Affairs said that such projects can serve as a model for economic cooperation and offer opportunities for Indian business persons and workers.
The MEA added that the I2U2 aims to encourage joint investment in six mutually identified area such as water, energy, transportation, space, health, and food security.
The grouping intends to mobilise private sector capital and expertise to help modernise the infrastructure, low carbon development pathways for our industries, improve public health, and promote the development of critical emerging and green technologies, the statement added.
(With inputs from Mint.)