The Union Cabinet chaired by Indian Prime Minister Shri Narendra Modi approved the proposal for the signing of a protocol for the establishment of the Joint Economic and Trade Committee (Jetco) between the Department of Commerce, Ministry of Commerce and Industry of the Republic of India and the Ministry of Foreign Relations of the Dominican Republic.
The office of the Prime Minister says that Jetco will bolster economic ties and create a structured framework for collaboration.
The Indian government explains that bilateral relations between India and the Dominican Republic have been friendly and continue to deepen in all spheres. At present, there is no bilateral institutional mechanism between India and Dominican Republic on trade and commerce. India primarily imports gold from Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers etc. to the Dominican Republic.
The establishment of Jetco will strengthen economic ties between India and the Dominican Republic and shall play a pivotal role and provide a platform for discussions, exchange of information, knowledge and ideas which would in turn facilitate trade and industry, says the office of the Prime Minister.
Furthermore, the geography of the DR is key. Jetco is envisioned as an effective gateway to the larger Latin American and Caribbean markets.
According to an Indian Cabinet press release, this decision reflects the commitment of both nations to deepen bilateral relations and foster a more robust economic partnership.
The press release emphasizes that to date there is no bilateral institutional mechanism specifically focused on trade and commerce between India and 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.
Jetco is expected to fill this gap, providing a dedicated platform for discussions, information exchange, and collaboration in various economic sectors. The new platform for dialogue is expected to lead to the growth of trade and industry.
Jetco is intended to mitigate challenges in the export of Indian products to the Dominican Republic.
India expects to be able to increase exports of pharmaceuticals, automobiles, and engineering goods to the Latin American and Caribbean region via the Dominican Republic.
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India Prime Minister Office
25 January 2024