India-US trade deal: GJEPC hopeful US midterm election outcome will not derail BTA talks

The outcome of the US midterm elections may reshape the country's legislative priorities, but India's gem and jewellery exporters are hopeful that it will not slow progress on the proposed India-US Bilateral Trade Agreement (BTA). The Gem & Jewellery Export Promotion Council (GJEPC) has called for sustained engagement between the two governments and an early conclusion of the trade pact, saying it would provide greater certainty to businesses and strengthen bilateral trade.

Kirit Bhansali, chairman of GJEPC, said the change in the composition of the US Congress could influence the legislative environment and discussions around trade policy. However, he remains optimistic about the momentum behind the proposed agreement.

"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," Bhansali said in a statement.

His remarks come against the backdrop of continuing trade negotiations between India and the US, with tariffs and market access among the key issues influencing bilateral commercial ties. For India's gem and jewellery industry, the US is an important export destination, making the outcome of trade discussions particularly significant for exporters seeking stable market access and greater predictability in business.

Why the BTA matters for exporters

Bhansali also pointed to an important distinction between the tariffs introduced by the US administration and measures enacted through Congress, suggesting that the change in the composition of the legislature need not automatically alter the course of existing tariff-related discussions.

"The tariffs introduced earlier were executive measures and were not enacted through congressional legislation," he said, adding that the council believes sustained dialogue and constructive engagement between the two governments would help address outstanding trade concerns.

The distinction is significant because executive measures and congressional legislation operate through different policy processes. While changes in congressional composition can influence legislative priorities and the broader trade policy debate, executive-imposed tariffs are not automatically reversed or altered by a change in the legislature.

For Indian exporters, the immediate priority remains securing greater clarity on the future trade framework. An early conclusion of the BTA could help businesses plan exports, pricing and long-term commercial commitments with greater confidence, particularly in a sector exposed to international demand and trade policy changes.

GJEPC has therefore reiterated its expectation that negotiations will maintain their momentum despite the political developments in the US.

"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," Bhansali said.

For the gem and jewellery sector, the focus is now on translating bilateral discussions into a predictable trade arrangement that can support exports and strengthen India's position in the US market.