India and South American nation Ecuador today signed an agreement to set up a Joint Economic and Trade Committee (JETCO) to strengthen the trade relations between the countries.
The protocol for establishment of the "India-Ecuador Joint Economic and Trade Committee" was signed during the meeting of Ambassador of Ecuador to India, Mentor Villagomez and Commerce Secretary Rita Teotia.
During the meeting, both the sides also discussed measures to enhance trade and investment relations. During 2014-15, the bilateral trade stood at USD 1.29 billion, the Commerce Ministry said in a statement.
It said that JETCO was signed with an aim to further improve, deepen and strengthen the existing trade relationship.
"The JETCO will function as the primary forum for discussion and other promotional activities on trade and investment issues and will be meeting once in every two years," it said.
The first meeting of the JETCO is proposed to be held early next year in India, it added.
