India and the Dominican Republic have signed a protocol for the status quo of a Joint Economic and Trade Committee (JETCO) between the two countries. The Joint Committee will provide a platform for data sharing between the other government and its counterparts, and a meeting of the Committee is expected shortly.
The two countries signed a set of regulations following a resolution on the matter adopted on Jan. 24 at a Union cabinet meeting chaired by Prime Minister Narendra Modi, according to a government statement.
“This would help facilitate the goods and facilities industry and, as a result, create greater job opportunities for professionals in both countries,” he said.
There is currently no bilateral institutional mechanism between the two countries in terms of industry and trade, he added. The protocol was signed on Tuesday at the Ministry of Foreign Affairs of the Dominican Republic (MIREX) in Santo Domingo.
India basically imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two- and three-wheelers.
“The status quo of JETCO will strengthen the economic ties between India and the Dominican Republic and will play a pivotal role and provide a platform for discussion, exchange of information, wisdom and ideas, which in turn would facilitate industry and industry,” he said. ” said the Array
The Protocol can provide an effective gateway to primary markets in Latin America and the Caribbean.
It will also facilitate the mitigation of India’s demanding export situations through mutual discussions and pave the way for boosting exports of pharmaceutical, automotive, and engineering products made in India.
The bilateral industry between countries fell to $690 million in 2022-2023 from $959 million in 2021-2022. The balance of the industry is in favor of the Dominican Republic. India exported $278. 35 million of goods in the first 10 months of this fiscal year. India exports engineering goods, medicines, pharmaceuticals, ceramics, glassware, marine products, cotton yarn, hand-woven products, biological and non-biological chemicals, tobacco, electronics, crops and vegetables, etc.
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