The group is known as 'New Quad' or 'Middle-Eastern Quad'.
Objectives and focus areas of the new Quad:
The group aims to serve as an “international economic forum” that will work to advance economic and political relations between the four countries.
Significance:
Experts believe the new group is crucial for greater international cooperation in keeping the Middle East region stable.
Comparison with Quadrilateral Security Dialogue (QSD):
QSD, commonly referred to as the 'Quad' strategic dialogue is held between the United States, India, Japan and Australia.
The dialogue was initiated in 2007 in response to an increase in Chinese violence in the South China Sea and was accompanied by the largest joint military exercise of the modern day, the Malabar Exercise.
While Australia moved out of the discussion as its economic ties with China grow over a decade, the group reunited in 2017.
What will the new Quad Group focus on:
Some of the areas that these countries highlighted during their talks included improving trade relations, regional maritime cooperation, joint public health communications around the world, and joint infrastructure projects focusing on transportation and technology.
Benefits of the new Quad:
Apart from trade, there are opportunities for India, the UAE and Israel to work together in many areas - from semiconductor construction and space technology development.
With the new alliance, India can use this platform to take advantage of various opportunities such as Big data, AI, Quantum computing, exporting its products to their market etc.
The group will help focus on non-military issues such as trade, power, and the environment as well as the promotion of public goods.
The platform will help India to pursue multi-stakeholder relations in the region.
With major powers such as France, Russia, and China drawn into the region, the coalition will help India build its position in changing the geopolitics of the region.
The need and importance of the group:
Four countries with "different sets of skills, knowledge, and experience" can be used to create a new network of partnerships.
Countries have also noticed that there is a growing interest in each other. Especially in the field of energy, climate, trade, and regional security.
Therefore, the new Quad format will help these countries to develop these areas continuously.