Indian Economy News

India signs protocol for establishment of its first bilateral institutional mechanism with Dominican Republic on trade and commerce

The Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic was formally established by signing a protocol at the Ministry of Foreign Affairs (MIREX) in Santo Domingo on March 12, 2024. Signed by H.E. Mr. Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic, and Mr. Ramu Abbagani, Ambassador of India to the Dominican Republic, the protocol signifies a crucial step in strengthening the economic and commercial ties between the two nations, following its approval by the Union Cabinet on January 24, 2024.

This landmark agreement, commemorating 25 years of diplomatic relations, aims to foster cooperation across various sectors, including trade, services, and industrial technologies. The protocol seeks to address industry challenges through technical assistance, training programs, and capacity-building initiatives while facilitating knowledge sharing and adopting best practices. Notably, India imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two- and three-wheelers, among other goods. The inaugural meeting of the India-Dominican Republic JETCO is expected to convene soon.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.