New QUAD Group

New QUAD Group

News: First virtual summit of the foreign ministers of the US, India, Israel and UAE was recently held.At the end of the meet, the four nations agreed to form a new international economic forum to utilise the “unique array of capabilities, knowledge and experience” that each offers.

Details:
• The group is already being dubbed the ‘New Quad’ or the ‘Middle-Eastern Quad’ on the lines of the Quadrilateral Security Dialogue (QSD).The group is intended as an “international economic forum” that will work on furthering the economic and political ties between the four countries.
• Experts believe the new group is important for greater cooperation of the countries involved in keeping the Middle East stable.
• The QSD, often called the ‘Quad’ is a strategic dialogue between the United States, India, Japan and Australia.
• The dialogue was started in 2007 in response to increasing Chinese aggression in the South China Sea and was accompanied by one of the largest joint military exercises of the modern era, the Malabar Exercise.
• While Australia had pulled out of the dialogue as its own economic ties to China grew over the decade, the group reconvened in 2017.
• Some of the areas that the countries had highlighted during their talks include improving trade ties, cooperation in maritime security of the region, joint discussions for global public health, and joint infrastructure projects focused on transportation and technology.

Significance:
• Beyond trade, there is potential for India, UAE and Israel to collaborate on many areas — from semiconductor design and fabrication to space technology.With the new alliance, India can use this platform to harness various opportunities like Big data, AI, Quantum computing, export its products in their market etc.
• The group will help to focus on non-military issues like trade, energy, and environment and on promoting public goods.
• The platform will help India to pursue wide-ranging minilateral partnerships in the region. With major powers like France, Russia, China drawn to this region, the alliance will help India to shape its position in changing the geopolitics of this region.
• The four countries have a “unique set of capabilities, knowledge, and experience” that can be used to create a new network of cooperation.The countries also recognised that there are many overlapping interests between them. Especially in the field of energy, climate, trade, and regional security.
• So, the new Quad format will help these countries to develop these areas further.