Covenants have to do with God's plan for humanity. God made a covenant with Israel which required obedience to the Law given them through Moses. They broke that covenant and it will be replaced with a new covenant where the Lord "will forgive their wickedness and remember their sins no more".
“The days are coming,” declares the Lord, “when I will make a new covenant with the PEOPLE OF ISRAEL and with the PEOPLE OF JUDAH. It will not be like the covenant I made with THEIR ancestors when I took them by the hand to lead them out of Egypt, because THEY broke my covenant, though I was a husband to them” declares the Lord. “This is the covenant I will make with the PEOPLE OF ISRAEL after that time,” declares the Lord. “I will put my law in their minds and write it on THEIR hearts. I will be their God, and they will be my people. No longer will they teach their neighbor, or say to one another, ‘Know the Lord,’ because they will all know me, from the least of them to the greatest,” declares the Lord. “For I will forgive their wickedness and will remember their sins no more.” (Jeremiah 31:31-34)
So, what about the rest of us - the Gentile nations? Paul tells us that all humanity (Jew and Gentile) are recipients of the new covenant, and that he was made a minister of the new covenant with all humanity.
"...our competence comes from God. And He has qualified us as ministers of a new covenant, not of the letter but of the Spirit; for the letter kills, but the Spirit gives life." (2 Corinthians 3:6)
"...to me, less than the least of all saints, was granted this grace: to bring the evangel of the untraceable riches of Christ to the nations, and to enlighten all as to what is the administration of the secret, which has been concealed from the eons in God, Who creates all, that now may be made known to the sovereignties and the authorities AMONG THE CELESTIALS, through the ecclesia, the multifarious wisdom of God..." (Ephesians 3:3-10)
"Wherefore, remember that once you, the nations in flesh -- who are termed 'Uncircumcision' by those termed 'Circumcision,' in flesh, made by hands --that you were, in that era, apart from Christ, being alienated from the citizenship of Israel, and guests of the promise covenants, having no expectation, and without God in the world. Yet now, in Christ Jesus, you, who once are far off, are become near by the blood of Christ. For He is our Peace, Who makes both one, and razes the central wall of the barrier (the enmity in His flesh), nullifying the law of precepts in decrees, that He should be creating the two, in Himself, into one new humanity, making peace; and should be reconciling both in one body to God through the cross, killing the enmity in it." (Ephesians 2:11-16)
Under the new covenant, God promises to save humanity out of death, and raise us to immortal life as a demonstration of the grace and wisdom of God.
"...to me, less than the least of all saints, was granted this grace: to bring the evangel of the untraceable riches of Christ to the nations, and to enlighten all as to what is the administration of the secret, which has been concealed from the eons in God, Who creates all, that now may be made known to the sovereignties and the authorities AMONG THE CELESTIALS, through the ecclesia, the multifarious wisdom of God..." (Ephesians 3:3-10)