Explanation:

The leaders of the West Asian QUAD – India, Israel, the US and UAE will meet for the first ever virtual summit. The meeting has been called by the White House and will be addressed by the US President Joe Biden. US President Joe Biden is also making a visit to West Asia – Israel and Saudi Arabia. The White House has given a new acronym to identify the new grouping as I2U2: India, Israel and UAE and the US. Recently, UAE and Israel had signed a Free Trade Agreement (FTA), while India and the UAE too have signed a Free Trade Agreement (FTA).