In a significant move to strengthen economic bonds, the Union Cabinet, led by Prime Minister Narendra Modi, has given the green light for the establishment of a Joint Economic and Trade Committee (JETCO) between Bharat and the Dominican Republic. This protocol aims to create a structured framework for collaboration, emphasizing both nations’ commitment to enhancing bilateral relations and fostering a more robust economic partnership.
Currently lacking a dedicated bilateral mechanism for trade and commerce, the approval for JETCO is poised to fill this void. The committee will serve as a dedicated platform for discussions, information exchange, and collaboration across various economic sectors.
Bharat’s relationship with the Dominican Republic has been marked by friendship, and the establishment of JETCO is expected to further solidify these ties. The nations engage in trade primarily involving Bharat imports of gold from the Dominican Republic and Bharat exports of pharmaceuticals, marine products, motor vehicles, two and three-wheelers, among other goods.
The newly approved protocol for JETCO is a pivotal instrument for fostering dialogue and cooperation between the Department of Commerce, Ministry of Commerce and Industry of India, and the Ministry of Foreign Affairs of the Dominican Republic. This committee is envisioned to be a catalyst for discussions, information exchange, and collaboration in various economic sectors, providing a structured framework for economic cooperation.
The Joint Committee aims to facilitate the exchange of information between authorities from both nations, creating a platform for dialogue that can lead to the growth of trade and industry. By serving as an effective gateway to the larger Latin American and Caribbean markets, the JETCO is expected to open up new avenues for economic collaboration and mutual growth.
One of the anticipated outcomes of JETCO is the mitigation of challenges in the export of Indian products to the Dominican Republic. This includes boosting exports of pharmaceuticals, automobiles, and engineering goods manufactured in Bharat. The collaborative effort is expected to contribute to the foreign exchange earnings for an ‘Atmanirbhar Bharat’ (self-reliant Bharat).
As Bharat continues to engage with nations globally to enhance economic partnerships and explore new avenues for collaboration, the approval of the protocol for JETCO with the Dominican Republic stands as a testament to the commitment to fostering stronger economic ties and facilitating mutually beneficial exchanges between the two nations.
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