The Union Cabinet, under the chairmanship of Prime Minister Shri Narendra Modi, has granted approval for the signing of a protocol establishing a Joint Economic and Trade Committee (JETCO) between India and Dominican Republic. This committee will bring together the Department of Commerce, Ministry of Commerce and Industry of the Republic of India, and the Ministry of Foreign Affairs of the Dominican Republic.
The existing bilateral relations between India and the Dominican Republic, marked by friendship, are poised to deepen across various spheres. Notably, there is currently no dedicated bilateral institutional mechanism focusing on trade and commerce between the two nations. India predominantly imports gold from the Dominican Republic while exporting pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other items.
The establishment of the JETCO is anticipated to serve as a catalyst in strengthening economic bonds, providing a vital platform for discussions, exchange of information, and the sharing of knowledge and ideas. This collaborative effort is expected to facilitate trade and industry interactions between the two countries. Moreover, the protocol holds the potential to act as a gateway to the broader markets of Latin America and the Caribbean.
The JETCO will be instrumental in fostering information exchange among various authorities and their counterparts, paving the way for smoother trade of goods and services. The collaborative efforts are poised to create enhanced employment opportunities for professionals in both India and the Dominican Republic.
By addressing challenges in the export of Indian products through mutual dialogue, the establishment of the JETCO is expected to boost exports, particularly in pharmaceuticals, automobiles, and engineering goods manufactured in India. This, in turn, is anticipated to contribute to increased foreign exchange earnings, aligning with the vision of an ‘Atmanirbhar Bharat‘—a self-reliant India. The protocol’s approval marks a significant stride towards fostering mutually beneficial economic collaboration between India and the Dominican Republic.
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