In a move aimed at bolstering economic ties and creating a structured framework for collaboration, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the proposal for signing a protocol for the establishment of a Joint Economic and Trade Committee (JETCO) between India and the Dominican Republic.
This decision reflects the commitment of both nations to deepen bilateral relations and foster a more robust economic partnership, as per the Cabinet press release.
Currently, there is no bilateral institutional mechanism specifically focused on trade and commerce between India and the Dominican Republic.
The approval for the establishment of JETCO is expected to fill this gap, providing a dedicated platform for discussions, information exchange, and collaboration in various economic sectors.
India’s bilateral relations with the Dominican Republic have been characterized by friendship, and the establishment of JETCO is poised to further strengthen these ties.
The two nations engage in trade primarily involving Indian imports of gold from the Dominican Republic and Indian exports of pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among others.
The newly approved protocol for JETCO will serve as a pivotal instrument for fostering dialogue and cooperation between the Department of Commerce, Ministry of Commerce and Industry of the Republic of India, and the Ministry of Foreign Affairs of the Dominican Republic.
This committee is envisioned to be a catalyst for discussions, information exchange, and collaboration in various economic sectors, providing a structured framework for economic cooperation.
The Joint Committee aims to facilitate the exchange of information between authorities from both nations, creating a platform for dialogue that can lead to the growth of trade and industry.
By serving as an effective gateway to the larger Latin American and Caribbean markets, the JETCO is expected to open up new avenues for economic collaboration and mutual growth.
One of the anticipated outcomes of JETCO is the mitigation of challenges in the export of Indian products to the Dominican Republic.
This includes boosting exports of pharmaceuticals, automobiles, and engineering goods manufactured in India.
The collaborative effort is expected to contribute to the foreign exchange earnings for an ‘Atmanirbhar Bharat’ (self-reliant India).
As India continues to engage with nations globally to enhance economic partnerships and explore new avenues for collaboration, the approval of the protocol for JETCO with the Dominican Republic stands as a testament to the commitment to fostering stronger economic ties and facilitating mutually beneficial exchanges between the two nations.