India and the Dominican Republic has signed a protocol for the establishment of the Joint Economic and Trade Committee (JETCO) with the Dominican Republic at Santo Domingo, the Ministry of Commerce said in a statement on Wednesday.

The agreement was signed on Tuesday at the Ministry of Foreign Affairs (MIREX) of the Dominican Republic at Santo Domingo.

“The protocol was signed by H.E. Mr. Roberto Alvarez, Minister of Foreign Affairs of the Dominican Republic and Mr. Ramu Abbagani, Ambassador of India to the Dominican Republic on behalf of the Department of Commerce,” the Ministry of Commerce and Industry said in a release.

This January 24, the Union Cabinet approved the proposal for the signing of the said protocol for the establishment of JETCO.

The agreement, signed within 25 years of the establishment of diplomatic relations between the two countries, is an important step to elevate the existing economic and commercial relations further, the ministry said.

The protocol further envisages strengthening and developing cooperation in trade, services, industrial technologies and various other sectors using technical assistance, training programmes and capacity building.

“It will be pivotal in mitigating challenges faced by trade and industry and providing a platform for the sharing of knowledge and best practices between the two countries,” it stated.

Notably, India primarily imports gold from the Dominican Republic and exports pharmaceuticals, marine products, motor vehicles, two- and three-wheelers, etc. to them, it added.

The first meeting of India-Dominican Republic JETCO is expected to be held soon.