India, Dominican Republic to set up institutional mechanism to promote trade relations

India and the Dominican Republic, a Caribbean nation, have decided to set up an institutional mechanism to promote trade relations between the two countries, an official statement said on Wednesday. The commerce ministry said that a protocol for the establishment of the Joint Economic and Trade Committee (JETCO) between India and Dominican Republic was signed at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo on March 12, 2024.

The protocol envisages strengthening and developing cooperation on trade, services, industrial technologies, and various other sectors by means of technical assistance, training programmes, and capacity building, it said. "It will be pivotal in mitigating challenges faced by the trade and industry and provide a platform for sharing of knowledge and best practices between the two countries," it added.

India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two and three-wheelers to them. The protocol was signed by Roberto A lvarez, Minister of Foreign Affairs of the Dominican Republic and Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce.

The first meeting of India-Dominican Republic JETCO is expected to be held soon. The Union Cabinet had approved the proposal for the signing of the protocol for the establishment of JETCO on January 24. The bilateral trade between the two countries stood at USD 790 million in 2022-23.