India & Dominican Republic To Establish Joint Economic And Trade Committee

New Delhi, Jan 25 (KNN) The Union Cabinet has granted approval for the signing of a protocol to establish a Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic.

The committee will be established between India's Department of Commerce, Ministry of Commerce and Industry, and the Ministry of Foreign Affairs of the Dominican Republic.

India and the Dominican Republic share friendly bilateral relations, with deepening ties across various domains.

Currently lacking a bilateral institutional mechanism for trade and commerce, India imports gold from the Dominican Republic while exporting pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other goods.

The creation of JETCO aims to strengthen economic ties between the two nations, providing a pivotal platform for discussions, information exchange, and sharing of knowledge and ideas. This, in turn, will facilitate trade and industry and serve as an effective gateway to the broader Latin American and Caribbean markets.

The Joint Committee will serve as a channel for the exchange of information among different authorities, fostering trade in goods and services and enhancing employment opportunities for professionals in both countries.

The establishment of JETCO is expected to address challenges in the export of Indian products through mutual dialogue, opening avenues for increased exports of pharmaceuticals, automobiles, and engineering goods from India, thereby contributing to greater foreign exchange earnings in line with the vision of an Atmanirbhar Bharat.

(KNN Bureau)