India and the Dominican Republic have signed a protocol for the establishment of the Joint Economic and Trade Committee (JETCO) at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo, the Ministry of Commerce said in a statement on Wednesday.

The agreement, signed 25 years after the establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further, the ministry said.

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It is to be noted that the Union Cabinet had approved the proposal for the signing of the said protocol for the establishment of JETCO on January 24, 2024.

The protocol was signed by Roberto Álvarez, 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 protocol envisages strengthening and developing cooperation on trade, services, industrial technologies, and various other sectors using technical assistance, training programmes, and capacity building.

It will be pivotal in mitigating challenges faced by trade and industry and provide a platform for sharing 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.

The first meeting of the India-Dominican Republic JETCO is expected to happen soon, providing a platform for discussions on mutual interests and collaboration opportunities.