India and the Dominican Republic signed the protocol for establishment of Joint Economic and Trade Committee (JETCO) at Santo Domingo on Tuesday.
The agreement, signed by H.E. Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic, and Ramu Abbagani, Ambassador of India to the Dominican Republic, aims to strengthen cooperation in trade, services, and industrial technologies. It also emphasises technical assistance, training programs, and capacity building to address challenges faced by both countries.
At present, there is no bilateral institutional mechanism between the two nations on trade and commerce.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other goods. The establishment of the JETCO is expected to further enhance bilateral trade by facilitating smoother trade flows and exploring new areas of cooperation.
The first meeting of the India-Dominican Republic JETCO is expected to happen soon, providing a platform for discussions on mutual interests and collaboration opportunities.