New Quadrilateral Economic Forum

Subject – IR

Context – India, Israel, UAE and U.S. launch quad forum

Concept –

India, Israel, the United Arab Emirates and the United States have decided to launch a new quadrilateral economic forum.
The quad builds on ongoing cooperation between the U.S., Israel and the UAE after the Abraham Accords last year, and the India, Israel and UAE cooperation that was launched since.
the grouping had decided to establish an international forum for economic cooperation, and specifically discussed “possibilities for joint infrastructure projects.
four Ministers discussed “expanding economic and political cooperation in the Middle East and Asia, including through trade, combating climate change, energy cooperation, and increasing maritime security,” as well as ways to counter the COVID¬19 pandemic.
Business groups in India, the UAE and Israel have also been in talks for trilateral cooperation since diplomatic ties were established, and the International Federation of Indo-Israel Chambers of Commerce (IFIIC) has predicted that the potential for agreements backed by Israeli innovation, UAE funding and Indian manufacturing, given India’s close ties and strategic partnership with the two other countries could cross $100 billion by 2030.
- In the first such venture, a UAE project for robotic solar panel cleaning technology was signed by Israeli company Ecoppia that has a manufacturing base in India.