New Delhi: The Government on Wednesday approved a proposal to sign a protocol for setting up a Joint Economic and Trade Committee (JETCO) between India and Caribbean nation Dominican Republic.
A decision in this regard was taken in a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi here.
The joint committee, an official statement said, will provide a platform for the exchange of information between various authorities and their counterparts.
"This would help in facilitating trade of goods and services and consequentially help in better employment opportunities for professionals in both the countries," it said.
The Cabinet "approved the proposal for signing of a protocol for the establishment of JETCO between the (Indian) Department of Commerce and the Ministry of Foreign Affairs of the Dominican Republic," the statement said.
At present, there is no bilateral institutional mechanism between the two nations on trade and commerce, it added.
India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, and two and three-wheelers.
"The establishment of JETCO will strengthen the economic tie between India and the Dominican Republic and shall play a pivotal role and provide a platform for discussions, exchange of information, knowledge and ideas, which would, in turn, facilitate trade and industry," the statement said.
The protocol can be an effective gateway to the larger Latin American and Caribbean markets.
The establishment of JETCO will also facilitate mitigating challenges in the export of Indian products through mutual dialogue and pave the way for boosting exports of pharmaceuticals, automobiles and engineering goods manufactured in India.
The bilateral trade between the countries has dipped to USD 690 million in 2022-23 from USD 959 million in 2021-22. The trade balance is in the favour of the Dominican Republic.