New Delhi: India has signed the protocol for the establishment of its first bilateral institutional mechanism with the Dominican Republic on trade and commerce, the Ministry of Commerce and Industry stated here.
The protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo on March 12, 2024. The protocol was signed by Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic and Ramu Abbagani, Ambassador of India, on behalf of the Department of Commerce.
The Union Cabinet had approved the proposal for the signing of the said protocol for the establishment of JETCO on January 24, 2024. The agreement, signed on the 25th year of the establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further, the Ministry stated.
The protocol envisages strengthening and developing cooperation on trade, services, industrial technologies and various other sectors through technical assistance, training programmes and capacity building.
“It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries. India primarily imports gold from the island nation situated in the Caribbean Sea and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers to them,” the Ministry stated, and added that the first meeting of India-Dominican Republic JETCO was expected to be held “soon”.
– global bihari bureau
