Santo Domingo.- The Dominican Republic and India have inked a protocol for economic and commercial cooperation, aiming to foster collaboration across trade, services, information, and industrial technologies, as per a statement from the Dominican Foreign Ministry on Tuesday.

The agreement, signed by Dominican Foreign Minister Roberto Álvarez and Indian Ambassador Ramu Abbagani in Santo Domingo, signifies a pivotal moment in the bilateral relations of both countries. It establishes the creation of a Joint Committee for Economic and Trade Cooperation (Jetco).

This committee, overseen by senior officials from both nations, will convene annually to supervise the implementation of the protocol and explore new avenues for collaboration. Álvarez emphasized the generally positive trade balance between the Dominican Republic and India from 2018 to 2023, expressing optimism about the prospects.

The Foreign Minister highlighted that this protocol lays the groundwork for Indian companies to establish a presence in the Dominican Republic or forge strategic alliances with local companies, leveraging the favorable business climate in the country.

Indian Ambassador Ramu Abbagani underscored the significance of reinforcing economic and commercial ties between the two nations. He believes that the agreement’s signing will pique the interest of Indian businesses and investors, presenting the Dominican Republic as a promising opportunity. Similarly, Dominican companies are expected to explore opportunities in India.

This agreement aligns with the second axis of the Dominican foreign policy, focusing on promoting exports and attracting foreign investment to stimulate job creation, as outlined in the Ministry of Foreign Affairs statement.

Diplomatic relations between India and the Dominican Republic were established in 1999.