In a significant stride towards enhancing bilateral economic cooperation, India and the Dominican Republic have formalized the establishment of a Joint Economic and Trade Committee (JETCO). The protocol for this pivotal collaboration was signed at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic in Santo Domingo on March 12, 2024.
The signing ceremony saw the participation of key dignitaries, including Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic, and Ramu Abbagani, Ambassador of India to the Dominican Republic, representing the Department of Commerce.
En nombre de @CimGOI firmamos hoy protocolo de Cooperación Económica y Comercial Conjunta entre India y República Dominicana con S.E.Dr.Roberto Álvarez @RobalsdqAlvarez. Este es un acuerdo importante para aumentar nuestras relaciones comerciales. @MIREXRD @DrSJaishankar pic.twitter.com/ixuoedY4hL
— India in Dominican Republic & Haiti (@IndiainDR) March 12, 2024
This milestone agreement comes on the heels of the Union Cabinet’s approval on January 24, 2024, marking a proactive move by both nations to fortify their economic and commercial ties. Celebrating 25 years of diplomatic relations between India and the Dominican Republic, the protocol symbolizes a renewed commitment to deepen collaboration across various sectors.
The protocol outlines comprehensive measures aimed at bolstering cooperation in trade, services, industrial technologies, and other key domains through initiatives such as technical assistance, training programs, and capacity building. It is anticipated to address prevailing challenges faced by industries and pave the way for the exchange of knowledge and best practices between the two nations.
India’s imports from the Dominican Republic, primarily dominated by gold, are poised to witness enhanced trade dynamics, while its exports spanning pharmaceuticals, marine products, motor vehicles, and two and three-wheelers, are set to find a broader market in the Caribbean nation.
The impending inaugural meeting of the India-Dominican Republic JETCO holds promise for furthering collaborative efforts and charting a roadmap for mutual economic growth. With shared objectives and a commitment to harnessing synergies, both countries are poised to embark on a journey of fruitful cooperation, fostering prosperity for their respective peoples.
