Cabinet Approves Protocol for Establishment of JETCO between India & Dominican Republic
GG News Bureau
New Delhi, 25th Jan. The Cabinet has approved the Protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic.
This committee will be formed by the Department of Commerce, Ministry of Commerce and Industry of India, and the Ministry of Foreign Affairs of the Dominican Republic.
India and the Dominican Republic have friendly bilateral relations that continue to deepen in various areas. However, there is currently no institutional mechanism for trade and commerce between the two countries.
India imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two and three-wheelers to them.
The establishment of JETCO will strengthen economic ties between India and the Dominican Republic. It will provide a platform for discussions, exchange of information, knowledge, and ideas, which will facilitate trade and industry.
Additionally, the Protocol can serve as a gateway to the larger Latin American and Caribbean markets.
The Joint Committee will enable the exchange of information between authorities and their counterparts, facilitating trade of goods and services. This will create better employment opportunities for professionals in both countries.
The establishment of JETCO will help address challenges in the export of Indian products through mutual dialogue.
It will also boost exports of pharmaceuticals, automobiles, and engineering goods manufactured in India, leading to increased foreign exchange earnings for a self-reliant India.
