Context:

• It has been two years since the signing of the historic Abraham Accords agreement.

What is Abraham Accord?

• The Abraham Accord is a collaboration between Israel, the United Arab Emirates and Bahrain mediated by the USA. 
• It is the first Arab-Israeli peace deal in 26 years.
• The accords are named after Abraham to emphasize the shared origin of belief between Judaism and Islam, both of which are Abrahamic religions that strictly espouse the monotheistic worship of the God of Abraham.

Why was it signed?

• To foster new hope for peace and prosperity in the Middle East.
• To bring Israel closer to the Gulf nations that shared common values and mutual interests, and to take forward the peace initiative.

Benefits of Abraham Accord after two years

• Deepening people-to-people ties and business opportunities.
• New joint ventures are being undertaken in critical sectors such as clean energy, health, innovation, technology, agriculture, water, trade, tourism, sustainability and much more.
• Academic collaborations between universities, promote cultural exchange in the arts field, and raise awareness about our shared histories and heritage.

What benefits does it hold for India?

• Regional connectivity: The launch of direct flights has increased connectivity between nations to facilitate the movement of tourists, business people and students. The boost to regional connectivity has also benefited the people of India.
  • For example, the thriving Indian diaspora throughout the Gulf can now fly directly from the UAE to Israel or from Israel to Bahrain.
• Economic cooperation: The Accords have paved the way for greater regional and multinational cooperation through major commercial collaborations between companies from the UAE, Israel, Bahrain and the United States with the Indian private sector.
  • For instance, High-level economic cooperation between our governments resulted in the formation of the I2U2 Group.

Significance of I2U2 grouping

• The grouping was established by Israel, India, the UAE, and the United States. 
• The I2U2 Group will focus on joint investments in water, energy, transportation, space, health, and food security.
• I2U2 partners will mobilize private sector capital and expertise to help modernize infrastructure, decarbonise industries, improve public health, and promote the development of green technologies.
• I2U2 combines the strengths and resources of each member country to find innovative solutions to pressing global challenges.
• It will serve as a model for multilateral cooperation with other like-minded countries.