New Delhi: India and the Dominican Republic Tuesday signed the protocol for the creation of the Joint Economic and Trade Committee (JETCO).
The protocol was signed by Minister of Foreign Affairs of the Dominican Republic Roberto Álvarez and Ambassador of India to the Dominican Republic Ramu Abbagani, on behalf of the Department of Commerce, at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo.
The Union Cabinet had approved the proposal for the signing of the protocol for 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 of Commerce & Industry said in a statement on Wednesday.
“The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building,” the ministry said.
“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,” it added.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers, etc. to the country.
The first meeting of India-Dominican Republic JETCO is expected to be held soon, the ministry said.
