New Delhi, Oct 10 (KNN) India and Ecuador on Friday signed an agreement to set up a Joint Economic and Trade Committee (JETCO) to with the aim of further improving, deepening and strengthening the existing trade relationship between the two countries.

The Protocol for the establishment of the India-Ecuador Joint Economic and Trade Committee (JETCO) was signed during the meeting of Ambassador of Ecuador to India, Mentor Villagomez and Commerce Secretary, Rita Teotia.

They also discussed measures to enhance bilateral trade and investment relations between both the countries.

During the year 2014-15, the bilateral trade between the two countries stood at US USD 1290.77 million.

The JETCO will function as the primary forum for discussion and other promotional activities on trade and investment issues and will be meeting once in every two years. The first meeting of the JETCO is proposed to be held early next year in India. (KNN Bureau)