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India And Dominican Republic Signs Protocol For Establishment Of Joint Economic And Trade Committee

March 15, 2024

GS Paper II International Relations

Context

The Union Cabinet had approved the proposal for signing of the said protocol for establishment of Joint Economic And Trade Committee (JETCO) between India and Dominican Republic.

About Joint Economic and Trade Committee (JETCO)

  • Bilateral Mechanism: JETCO is a bilateral institution formed by two countries to promote economic cooperation and commercial relations. 
  • Objective: It acts as a forum for debates, information sharing, and cooperation among participating countries, with the goal of strengthening economic ties, expanding commerce and industry, and addressing difficulties in the export and import of goods and services.
  • Similar Agreements with Other Countries: India has Joint Economic and Trade Committee (JETCO) agreements with many countries, including the United Kingdom, Singapore, Thailand, Indonesia, Malaysia, Vietnam, South Korea, Canada, Mauritius, and Oman.
  • Significance of the Agreement:
    • Gateway to Latin American and Caribbean markets: Additionally, the protocol might provide a gateway to the more expansive markets in Latin America and the Caribbean. 

About Dominican Republic

  • Location: It is a Caribbean  nation that shares the island of Hispaniola with Haiti to the west.
  • Geographical Features: Its terrain comprises rainforest, savannah and highlands, including Pico Duarte, the Caribbean’s tallest mountain. Its capital city is Santo Domingo.

Dominican Republic

 

Also Read: Trade And Economic Partnership Agreement (TEPA)

News Source: PIB

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Comprehensive coverage with a concise format
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Designed as per recent trends of Prelims questions
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