Recently the first I2U2 (India, Israel, United States of America and United Arab Emirates) leaders’ summit was held in virtual form.
Today Current Affairs
I2U2
I2U2 is a group formed by India, Israel, the United Arab Emirates and the United States of America. It is also known as ‘West Asian Quad’.
I2U2 was formed in October 2021 after the Abrahamic Agreement to address issues related to maritime security, infrastructure and transport.
The ‘Abraham Accord’ is the first peace agreement between Israel and the Arab countries in the last 26 years.
Purpose : The Hindu Analysis
Its stated objective is to discuss “strengthening economic partnership in trade and investment in and outside common areas of mutual interest”.
Six areas of mutual cooperation have been identified by countries and aimed at promoting joint investments in water, energy, transport, space, health and food security.
Highlights of the summit : The Hindu Analysis
The United Arab Emirates (UAE) announced an investment of USD 2 billion in India to develop food parks across the country.
India will provide suitable land for this project and facilitate integration of farmers into food parks.
The group announced the support of a “hybrid renewable energy project” in Gujarat, which includes 300 megawatts (MW) of wind and solar capacity. The Hindu Analysis
This project will prove to be another important step in India for 500 GW of non-fossil fuel capacity by 2030.
The US and Israel will be invited to provide their expertise in the private sectors and provide innovative solutions that contribute to the overall sustainability of projects under the group.
Food Park : The Hindu Analysis
Food Park is a concept that aims to establish direct linkage of consumer markets from farm to processing.
This includes Collection Centers (CCs) and Primary Processing Centers (PPCs) attached to the Central Processing Centre.
Importance of Food Park:
Dealing with food insecurity : The Hindu Analysis
Investment in food parks will help combat food insecurity in South Asia and the Middle East, while maximizing crop yields.
They aim to reduce “food loss and food spoilage”.
India is the major food producer in the world.
It has become imperative to focus on food and energy security in the backdrop of the current military situation in Ukraine, which has had a massive negative impact on the food, energy and other sectors.
Increase in Income : The Hindu Analysis
Farmers’ income will increase manifold and they will come on the table.
Streamlining the agricultural supply chain:
India was selected for the food project as it would help in building a smooth agricultural supply chain due to its proximity to Israel and the United Arab Emirates.
Here we mention all information about I2U2 Summit Today Current Affairs.
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