Statement by Kirit Bhansali, Chairman, GJEPC, on the outcome of the US midterm elections and its implications for India-US trade relations:
“The outcome of the US midterm elections is an important development in the country’s political landscape. The United States remains one of India’s leading markets for gems and jewellery, and we look forward to continued engagement between the two countries to strengthen this important trade relationship.
While the change in the composition of Congress may influence the legislative environment and discussions on trade policy, we remain hopeful that the momentum towards the proposed India-US Bilateral Trade Agreement (BTA) will continue. The tariffs introduced earlier were executive measures and were not enacted through congressional legislation. We believe sustained dialogue and constructive engagement between the two governments will help address outstanding trade concerns.
We look forward to an early conclusion of the BTA, which would provide greater certainty to businesses, strengthen bilateral trade and support the long-term interests of gem and jewellery exporters in both countries.”