In a boost for India's goals to increase trade with the Caribbean nations, it has signed a protocol to establish its first bilateral institutional mechanism with the Dominican Republic on trade and commerce.
The protocol was signed by the Minister of Foreign Affairs of the Dominican Republic, Roberto Álvarez, and by the Indian Ambassador to the Dominican Republic, Ramu Abbagani, in the country's capital, Santo Domingo, on March 12.
India's Union Cabinet had approved the proposal for signing the protocol for the establishment of the Joint Economic and Trade Committee (JETCO) on 24th January earlier this year.
The first meeting of the India-Dominican Republic JETCO is expected to be held soon.
With the agreement, India aims to strengthen its existing economic and commercial relations with the Caribbean nation by developing cooperation on trade, services, industrial technologies, and various other sectors through technical assistance, training programs, and capacity building.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, and motor vehicles to the Caribbean nation.
