India and Dominican Republic Set to Strengthen Economic Ties with Joint Economic and Trade Committee

New Delhi:  The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has given the nod for the signing of a protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between the Department of Commerce, Ministry of Commerce and Industry of the Republic of India, and the Ministry of Foreign Affairs of the Dominican Republic.

Key Highlights:

1. Bilateral Institutional Mechanism: Currently, there is no bilateral institutional mechanism between India and the Dominican Republic on trade and commerce.
2. Friendly Relations: Bilateral relations between the two nations have been friendly and are continuously deepening across various sectors.
3. Trade Dynamics: India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other goods.
4. Strengthening Economic Ties: The establishment of JETCO is expected to strengthen economic ties and provide a platform for discussions, information exchange, and knowledge sharing.
5. Gateway to Latin American and Caribbean Markets: The Protocol can act as an effective gateway to the larger Latin American and Caribbean markets, expanding the scope for collaboration.
6. Facilitating Trade and Industry: JETCO will facilitate the exchange of information between authorities in both countries, promoting trade of goods and services. It is anticipated to enhance employment opportunities and boost exports of pharmaceuticals, automobiles, and engineering goods manufactured in India.

The signing of this protocol reflects the commitment of both nations to fostering closer economic cooperation, creating a conducive environment for trade and industry, and contributing to the realization of an ‘Atmanirbhar Bharat.’