The reason why I was interested in this aspect of Scripture was that I had recently been watching a short video by Grant Jeffrey which dealt with date-related aspects of Scripture. In that case, he was showing how the very date of modern Israel being declared a nation (in 1948) had been prophesied in the Bible. I have to watch it again and check out the information more carefully, because I do not know much about this man or his teaching. However, I have seen other parts of the Bible where very precise things have been prophesied, things which no human could have arranged or faked. I will do posts on these from time to time, or as they relate to a particular passage. It's fascinating because no other book than the Scriptures has these types of definitive predictive prophecies which are always fulfilled.
In this passage, the LORD gives Moses a message for the Israelites. After reminding them of the care which He has demonstrated towards them, He lets them know that if they continue to obey Him and keep His covenant, they will be His treasured possession, a kingdom of priests and a holy nation. Just as a priest is a representative for the people in religious matters, the Israelites will as a nation be responsible for revealing the knowledge of the true God to the nations of the earth. They will be a holy nation, consecrated or set apart for the LORD's purposes.
The Israelites respond positively to this news. They assert that they are willing to do all that the LORD has said regarding these matters. Moses delivers this answer to the LORD [even though, of course, God knew it already].