India and Dominican Republic Sign Protocol for Joint Economic and Trade Committee (JETCO)

Santo Domingo: The protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was officially signed at the Ministry of Foreign Affairs (MIREX) in Santo Domingo on March 12, 2024. This momentous occasion saw the signing of the protocol by H.E. Roberto Álvarez, the Minister of Foreign Affairs of the Dominican Republic, and Ramu Abbagani, Ambassador of India to the Dominican Republic, representing the Department of Commerce.

The Union Cabinet had given its approval for the signing of the protocol on January 24, 2024, marking a significant development in the 25 years since the establishment of diplomatic relations between the two nations. The agreement holds substantial importance as it aims to enhance and deepen the existing economic and commercial ties between India and the Dominican Republic.

The protocol outlines a comprehensive framework to fortify cooperation in trade, services, industrial technologies, and various other sectors through mechanisms such as technical assistance, training programs, and capacity building. This collaborative effort is poised to address challenges faced by the trade and industry sectors while fostering a platform for the exchange of knowledge and best practices between the two countries. Notably, India primarily imports gold from the Dominican Republic, while exporting pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other commodities.

The inaugural meeting of the India-Dominican Republic JETCO is anticipated to take place in the near future, marking the beginning of a new chapter in the economic collaboration between the two nations.