India Wednesday signed the protocol to establish a bilateral institutional mechanism with Dominican Republic on trade and commerce to develop cooperation on trade, services and industrial technologies.
“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 commerce and industry ministry said in a statement.
The Union Cabinet had approved the proposal for signing of the said protocol for establishment of Joint Economic and Trade Committee (JETCO) in January.
The agreement, signed in the 25 years of establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further, according to the statement. The first meeting of India-Dominican Republic JETCO is expected to be held soon.
“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,” the ministry said.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers.