Leaders of the United States, India, Israel and the United Arab Emirates held the first virtual summit as part of a new initiative called I2U2 that brings together countries that have pledged to expand cooperation, AP reported.

According to Israeli Prime Minister Yair Lapid, the idea was born last year in Washington at the home of the UAE ambassador.

“We sat around the table and spoke about how, after we get control over the pandemic, anyone trying to go back to how things used to be would fail,” Lapid said. “Anyone who understands that we live in a new world with new challenges would succeed and flourish.”

He added that “In the 21st century, challenges are local, but the solutions are global.”

“I also hope that our quartet will be a model for those who desire peace and prosperity,” UAE President Mohammed bin Zayed Al Nahyan said.

The countries announced that the UAE will finance a $2 billion agricultural project in India with potential help from U.S. and Israeli companies.

“The more we work together, the more we’ll see the benefits multiply and grow to advance our shared commitment to peace, stability and growing prosperity,” Biden said. “They all go together.”