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Dominican Republic-India: JETCO

Mapping

 

Source: PIB

 Context: The Union Cabinet, led by Prime Minister Shri Narendra Modi, has approved the signing of a protocol for the establishment of a Joint Economic and Trade Committee (JETCO) between the Department of Commerce and the Ministry of Foreign Affairs of the Dominican Republic.

 

What is the Joint Economic and Trade Committee (JETCO)? 

The Joint Economic and Trade Committee (JETCO) is a bilateral mechanism established between two countries to facilitate economic collaboration and trade relations. It serves as a platform for discussions, information exchange, and cooperation between the participating nations, aiming to strengthen economic ties, enhance trade and industry, and address challenges in the export and import of goods and services.

 

Significance of the Agreement:

The protocol can also serve as a gateway to the larger Latin American and Caribbean markets. Currently, there is no bilateral institutional mechanism for trade and commerce between the two countries. India imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two and three-wheelers, etc. The agreement will give a boost to India’s exports.

India has Joint Economic and Trade Committee (JETCO) agreements with various countries, including the United Kingdom, Singapore, Thailand, Indonesia, Malaysia, Vietnam, South Korea, Canada, Mauritius, and Oman.

 

About the Dominican Republic

It is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Its terrain comprises rainforest, savannah and highlands, including Pico Duarte, the Caribbean’s tallest mountain. Its capital city is Santo Domingo.