India And Dominican Republic Sign Protocol To Establish Joint Economic And Trade Committee

On March 12, 2024, a significant milestone in the diplomatic and economic relations between India and the Dominican Republic was achieved as the Protocol for the establishment of the Joint Economic and Trade Committee (JETCO) was signed at the Ministry of Foreign Affairs of the Dominican Republic in Santo Domingo.

This protocol, aimed at fostering deeper collaboration between the two nations, was signed by H.E. Mr. Roberto Álvarez, Minister of Foreign Affairs of the Dominican Republic, and Mr. Ramu Abbagani, Ambassador of India to the Dominican Republic, representing the Department of Commerce.

Union Cabinet Approval and Significance

The proposal for signing the protocol for the establishment of JETCO had received approval from the Union Cabinet of India on January 24, 2024. The agreement comes at a momentous time, coinciding with the 25th anniversary of diplomatic relations between India and the Dominican Republic. It signifies a crucial step forward in enhancing the existing economic and commercial ties between the two nations.

Objectives and Scope

The protocol outlines a comprehensive framework aimed at strengthening and developing cooperation in various sectors including trade, services, and industrial technologies. It emphasizes collaboration through technical assistance, training programs, and capacity building initiatives. By addressing challenges faced by trade and industry, the protocol aims to create a platform for the exchange of knowledge and best practices between India and the Dominican Republic.

Trade Dynamics

India’s trade relationship with the Dominican Republic is characterized by complementary trade flows. India primarily imports gold from the Dominican Republic, while exporting pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among others. The establishment of JETCO is expected to further facilitate and enhance bilateral trade between the two countries.

Upcoming Initiatives

With the signing of the protocol, preparations are underway for the inaugural meeting of the India-Dominican Republic JETCO. This meeting is anticipated to take place soon, setting the stage for concrete discussions and collaborative initiatives aimed at deepening economic ties and fostering mutual prosperity.

About the Dominican Republic

Situated in the West Indies, the Dominican Republic occupies the eastern two-thirds of Hispaniola, the second largest island in the Greater Antilles chain in the Caribbean Sea. Santo Domingo serves as the national capital, located on the southern coast. The current President of the Dominican Republic is Luis Abinader of the Modern Revolutionary Party. Additionally, Roosevelt Skerrit serves as Prime Minister of Dominica since 2004.