In an effort to elevate the existing economic and commercial relations further, India has signed the protocol for establishment of Joint Economic and Trade Committee (JETCO) with Dominican Republic at the Ministry of Foreign Affairs (MIREX) of Dominican Republic at Santo Domingo on March 12, 2024.
Earlier, the Union Cabinet had approved the proposal for signing of the said protocol for establishment of JETCO on January 24, 2024. The protocol envisages to strengthen and develop cooperation on trade, services, industrial technologies and various other sectors by means of technical assistance, training programmes and capacity building.
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. India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three wheelers etc. to them.