India, Dominican Republic sign JETCO protocol to boost trade relations

India and the Dominican Republic have signed a protocol for setting up a Joint Economic and Trade Committee (JETCO) between both the nations. The joint committee will provide a platform for information exchange between various authorities and their counterparts, and a meeting of the committee is expected soon.

Both the nations signed a set of rules after a decision in this regard was taken on 24 January in a meeting of the Union cabinet, chaired by Prime Minister Narendra Modi, a government statement said.

"This would help in facilitating trade of goods and services and consequentially help in better employment opportunities for professionals in both the countries," the statement said.

At present, there is no bilateral institutional mechanism between the two nations on trade and commerce, it added. The protocol was signed at the ministry of foreign affairs (MIREX) of Dominican Republic at Santo Domingo on Tuesday. 

India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two and three-wheelers.

"The establishment of JETCO will strengthen the economic tie 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," the statement said.

The protocol can be an effective gateway to the larger Latin American and Caribbean markets.

It will also facilitate mitigating challenges in the export of Indian products through mutual dialogue and pave the way for boosting exports of pharmaceuticals, automobiles and engineering goods manufactured in India.

The bilateral trade between the countries has dipped to $690 million in 2022-23 from $959 million in 2021-22. The trade balance is in the favour of the Dominican Republic. India exported goods to the tune of $278.35 million in the first 10 months of this fiscal. India exports engineering goods, drugs, pharmaceuticals, ceramic products, glassware, marine products, cotton yarn, handloom products, organic and inorganic chemicals, tobacco, electronic goods, fruits and vegetables, etc.