President Joe Biden will participate in the first-ever I2U2 virtual summit along with his counterparts from Israel, the United Arab Emirates, and India on Thursday.
What Happened: The U.S. President will convene the first virtual summit with Indian Prime Minister Narendra Modi, UAE President Mohammed bin Zayed Al Nahyan, and Israeli PM Yair Lapid, the U.S. National Security Advisor Jake Sullivan told reporters en route to Tel Aviv, Israel.
The leaders of the four-nation grouping are expected to discuss joint economic projects for bolstering economic cooperation under the coalition's framework. According to Sullivan, the global food and energy crisis arising out of the Russia- Ukraine conflict will likely be among the prominent topic of discussion during the virtual summit.
The summit is taking place at a time when Biden is in Israel for a four-day visit to discuss Iran's nuclear capabilities and Russia's war in Ukraine.
See Also: Watch: Joe Biden Walking Up To Greet Narendra Modi At G7 Summit Goes Viral
The White House said the I2U2 summit is a part of the Biden administration's effort to revitalize American partnerships across the world.
Why Is It Called I2U2? The four-nation grouping is known as 'I2U2,' and the acronym is derived using the initial letters of the names of the participating countries – "I" standing for India and Israel, and "U" for the U.S. and the UAE.
How Did I2U2 Come Into Being? I2U2 was first mentioned in October 2021, when the foreign ministers of the four nations met in Israel. At that time, the grouping was called the 'International Forum for Economic Cooperation.'
The 'I2U2' is aimed to encourage joint investments in six mutually identified areas such as water, energy, transportation, space, health, and food security, according to the Press Information Bureau of India.
The Itinerary: The virtual summit is expected to begin around 6:30 a.m ET on Thursday.
Check out more of Benzinga's Europe and Asia coverage by following this link.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
