New Delhi: The Prime Minister, Narendra Modi chaired the Union Cabinet’s approval of a proposal to sign a protocol establishing a Joint Economic and Trade Committee (JETCO) between India’s Department of Commerce, Ministry of Commerce and Industry, and the Dominican Republic’s Ministry of Foreign Affairs.
Bilateral relations between India and the Dominican Republic have been friendly and continue to deepen across all areas. Currently, there is no bilateral institutional mechanism addressing trade and commerce between the two countries. India predominantly imports gold from the Dominican Republic while exporting pharmaceuticals, marine products, motor vehicles, and two and three-wheelers to them.
Establishing JETCO will strengthen economic ties between India and the Dominican Republic, serving as a crucial platform for discussions, information, knowledge, and idea exchange to facilitate trade and industry. The Protocol can serve as a gateway to larger markets in Latin America and the Caribbean.
The Joint Committee will enable the exchange of information between various authorities, facilitating trade in goods and services and creating better employment opportunities for professionals in both countries.
Establishing JETCO will help address challenges in exporting Indian products through mutual dialogue, ultimately boosting exports of pharmaceuticals, automobiles, and engineering goods manufactured in India, thus increasing foreign exchange earnings for an Atmanirbhar Bharat.