The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the proposal for signing of a protocol for establishment of Joint Economic and Trade Committee (JETCO) between the Department of Commerce, Ministry of Commerce and Industry of the Republic of India and the Ministry of Foreign Affairs of the Dominican Republic.
Bilateral relations between India and the Dominican Republic have been friendly and continue to deepen in all spheres. At present, there is no bilateral institutional mechanism between India and Dominican Republic on trade and commerce. India primarily imports gold from Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers etc. to them.
The establishment of JETCO will strengthen economic tie between India and the Dominican Republic and shall play a pivotal role and provide a platform for discussions, exchange of information, knowledge and ideas which would in turn facilitate trade and industry. The Protocol can be an effective gateway to the larger Latin American and Caribbean markets.
The Joint Committee will provide a platform for exchange of information between various authorities and their counterparts. This would help in facilitating trade of goods and services and consequentially help in better employment opportunities for professionals in both the countries.
The establishment of JETCO will facilitate mitigating challenges in export of Indian products of mutual dialogue and pave the way for boosting exports of pharmaceuticals, automobiles and engineering goods manufactured in India leading to more foreign exchange earnings for a Atmanirbhar Bharat.