The Union Cabinet has approved the signing of a protocol to establish a Joint Economic and Trade Committee (JETCO) between India’s Department of Commerce and the Ministry of Foreign Affairs of the Dominican Republic.
Despite the friendly bilateral relations between the two nations, the absence of a dedicated mechanism for trade and commerce prompted this strategic move. Presently, India primarily imports gold from the Dominican Republic, while exporting various goods, including pharmaceuticals, marine products, motor vehicles, two and three-wheelers.
The creation of JETCO is expected to strengthen economic ties, providing a vital platform for discussions, knowledge exchange, and idea-sharing. The collaborative effort is expected to facilitate smoother trade and industry operations, potentially opening avenues to the larger Latin American and Caribbean markets.
The Joint Committee is set to act as a central hub for the exchange of information between relevant authorities, promoting seamless trade in goods and services. This partnership is viewed as a positive stride toward creating employment opportunities for professionals in both India and the Dominican Republic.
The establishment of JETCO aims to address challenges in the export of Indian products through mutual dialogue, with a specific focus on boosting exports of pharmaceuticals, automobiles, and engineering goods. This aligns with the broader vision of building a self-reliant India and contributing to increased foreign exchange earnings for the country.
