New Quadrilateral Economic Forum

India, Israel, the United Arab Emirates (UAE) and the United States decided to launch a new quadrilateral economic forum, as External Affairs Minister S. Jaishankar joined his counterparts at a meeting via video conference from Jerusalem, where he is on a five-day visit.

Important Highlights

  • The quadrilateral, which followed the External Affairs Minister’s bilateral meeting with Israeli Alternate Prime Minister and Foreign Minister, builds on ongoing cooperation between the U.S.-Israel-the UAE after the Abraham Accords last year that saw the UAE and Israel establish diplomatic ties, and the India-Israel-the UAE cooperation that has been launched since then.
  • The group had decided to establish an international forum for economic cooperation, and specifically discussed “possibilities for joint infrastructure projects”.
  • The U.S. The State Department said that during the meeting, the 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.
  • At the quadrilateral meeting they discussed possibilities for joint infrastructure projects in the fields of transportation, technology, maritime security, and economics and trade.

 

Abraham Accord

  • The Abraham Accord is signed between Israel, UAE and Israel.
  • Abraham Accord is the first Arab-Israeli peace deal in 26 years.
  • These were the only two peace deals between Israel and the Arab States in more than a quarter of a century. Egypt was the first Arab State to sign a peace deal with Israel in 1979. Jordon signed a peace pact in 1994.
  • As per the agreements, the UAE and Bahrain will establish embassies, exchange ambassadors, cooperate and work together with Israel across a range of sectors, including tourism, trade, healthcare and security.
  • The Abraham Accords also open the door for Muslims around the world to visit the historic sites in Israel and to peacefully pray at Al-Aqsa Mosque in Jerusalem, the third holiest site in Islam.
  • Together these agreements will serve as the foundation for comprehensive peace across the entire region.