I2U2 to deepen economic integration within MidEast, Asia and beyond: Jose Fernandez

TDT | Manama                                         

The Daily Tribune – www.newsofbahrain.com   

Reported by Julia Cassano

Economic development, food and energy security enjoyed the focus of discussions at the I2U2 Group, which Jose Fernandez, representing the US, said gave a new regional platform to deepen economic integration, and an affirmative agenda within the Middle East, Asia, and beyond.

The United States, the Undersecretary of State for Economic Growth, Energy and the Environment said, will continue to meet government officials, business leaders, and other stakeholders to collaborate on critical global economic issues that affect us all.

He also termed supply chain resilience, clean energy transition, and promotion of inclusive trade and investment opportunities as some of the key issues affecting the global economy. Fernandez was speaking on his participation at the I2U2 forum, a unique pairing of countries comprising India, Israel, UAE, and the United States, held in UAE.

“The partnered countries discussed opportunities to increase regional cooperation in the Middle East, as well as advance investment opportunities that aim to address some of the partnered countries’ most pressing needs such as management of the energy crisis and dealing with food insecurity due to Russia’s invasion of Ukraine.

He also highlighted the importance of I2U2 in reinforcing the Abraham Accords to advance regional integration in the Middle East. Additionally, Fernandez highlighted the efforts posed by India, Israel, UAE, and the United States to find ways to mitigate the hunger crisis the world is facing.

“We are committed to identifying new markets and building food systems, as we believe that is the only way to reduce the immense demand for humanitarian assistance and food security.” Fernandez also discussed aims to mobilise the private sector, modernise infrastructure, and promote the development of emerging green technologies, whilst ensuring near and long-term food security.

The Group now has a pipeline of projects in solar, wind, and rail transport infrastructure. Fernandez also led the US delegation in Oman to the first US-Oman strategic dialogue.

“This is a strategic dialogue long awaited by both sides, and we now have great hopes for it,” he said. “We have had a free trade agreement with Oman since 2009, and our trade with Oman has increased substantially in the last few years. In fact, since 2021, trade increased by 30%. Our bilateral trade and exports from Oman to the US in the last year, have grown by 47%.”