The American Gem Trade Association (AGTA) announced that the US and Thailand have reached a Framework for an Agreement on Reciprocal Trade — a key step towards strengthening bilateral economic ties and improving market access for exporters from both nations.
In an email, AGTA President Bruce Bridges and CEO John W. Ford, Sr. said the association has made securing Reciprocal Trade Agreements with Thailand and across Asia a top strategic priority to support the international coloured gemstone industry.
While tariffs on loose coloured gemstones from Thailand have not yet been reduced to zero, AGTA has formally petitioned the Office of the US Trade Representative (USTR) to include loose precious and semi-precious gemstones under Annex III of Executive Order 14346, which covers Potential Tariff Adjustments for Aligned Partners (PTAAPs). If approved, this would establish a zero-percent reciprocal import tariff rate for qualifying gemstone shipments entering the US.
The implementation process and timeline are expected to follow the model of the recent US-EU Reciprocal Trade Agreement, with a formal announcement to be published in the Federal Register once the agreement and PTAAP adjustments are finalised.
AGTA remains optimistic as Thailand and Vietnam, two key gemstone source countries, advance towards formal trade agreements, paving the way for others such as Sri Lanka to follow. The association’s Washington, D.C. team continues to engage with additional gemstone-producing nations to expand these opportunities.