India, Dominican Republic to set up Joint Economic and Trade Committee (JETCO)

• The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a proposal to sign a protocol for setting up a Joint Economic and Trade Committee (JETCO) between India and Caribbean nation Dominican Republic.

• The joint committee 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 consequently help in better employment opportunities for professionals in both the countries.

• At present, there is no bilateral institutional mechanism between the two nations on trade and commerce.  

India-Dominican Republic relations

• Diplomatic relations between India and the Dominican Republic were established in May 1999. The Dominican Republic opened its embassy in New Delhi in May 2006. India opened its embassy in Santo Domingo in January 2022.

• The bilateral trade between the countries has dipped to $690 million in 2022-23 from $959 million in 2021-22.

• India primarily imports gold from the Dominican Republic.

• Main items of India’s exports are cotton textiles and readymade garments, drugs and pharmaceuticals, furniture, transport equipment, manufactures of metals, chemicals, plastic and linoleum products, tea, processed foods and marine products. 

• 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 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.

Some facts on the Dominican Republic:

• The Dominican Republic is the second largest nation in the Caribbean.

• It shares the island of Hispaniola with Haiti (eastern two-thirds makes up the Dominican Republic, western one-third is Haiti).

• Hispaniola, situated between Puerto Rico and Cuba in the Caribbean Sea, is one of the few islands in the world shared by two independent nation-states. 

• With a population of over 11 million people, the Dominican Republic’s territory stretches 48,442 square kilometers.

• The country’s capital is Santo Domingo.

• It is the ninth largest economy in Latin America and the largest in the Caribbean region.

• To the north of its coast is the Atlantic Ocean and to the south is the Caribbean Sea.

• The country is crossed by four parallel mountain ranges running northwest to southeast, with fertile valleys in between. 

• The largest is the Cordillera Central, extending from northwest of Santo Domingo into Haiti. Its peak, Pico Duarte, is 3,175 metres high. It is the highest point in the Caribbean and is often covered with frost during the winter. 

• Along the north coast is the Cordillera Septentrional. South of the Cordillera Central are the Sierra de Neiba and the Sierra de Bahoruco ranges. 

• Between the Sierra de Neiba and the Sierra de Bahoruco is Lake Enriquillo, the largest natural lake in the country, with the lowest elevation in the Caribbean islands. It is also one of the few salt water lakes in the world inhabited by crocodiles.

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