Broker Power is providing readers with some of the top stories for February 28 -- March 4, 2011 in case they were missed last week.
During the week of February 28, 2011, the Free and Fair Trade Act was introduced in both the House (H.R. 913) and Senate (S. 433). The Free and Fair Trade Act1 contains provisions to renew the Generalized System of Preferences Program and the Andean Trade Preferences Act/Andean Trade Promotion and Drug Eradication Act (both with retroactive provisions) and remove certain sleeping bags from GSP-eligibility.
The International Trade Commission has released the public version of its report on the likely impact of eliminating duty-free Generalized System of Preferences treatment for “non-down” sleeping bags from all countries and plastic tape from Indonesia. While the probable economic impact of eliminating GSP for these products is considered confidential and is stricken from this public version, it does note that U.S. imports of the subject sleeping bags declined by 35% during 2005 -- 20091 and that since GSP’s expiration, the U.S. sleeping bag producer petitioner has hired additional workers.
On March 1, 2011, House Ways and Means Ranking Member Levin (D) and Trade Subcommittee Ranking Member McDermott (D) issued a statement criticizing the Republicans for "holding up the trade agenda." According to Levin, the Administration’s implementation language for the South Korea FTA is nearly complete and it should be sent to the Congress promptly.
On March 1, 2011, the Office of the U.S. Trade Representative posted to its website the President’s 2011 Trade Policy Agenda and 2010 Annual Report, which contains information on his trade priorities, including exports, free trade agreements, trade preferences, intellectual property rights, and enforcement.
According to sources in the trade, the Administration, and Congress, renewal of the Generalized System of Preferences program is more uncertain now than at any time in the last few decades. Advocates say businesses that depend on GSP should contact Congress daily if they want a chance at extension. Contact your Senators by clicking here. Contact your House Representative by clicking here.
On February 22, 2011, Deputy U.S. Trade Representative Marantis met with Ghanaian Deputy Trade Minister Ayariga and spoke to an audience of Ghanaian students, business leaders, and officials about growing U.S.-Ghana trade and investment. USTR also issued a Weekly Trade Spotlight on U.S. trade with Ghana.
During February 22, 2011 meetings, Senator Baucus, Chair of the Senate Finance Committee, and Brazil's Ministers of Foreign Relations, Finance, Agriculture, and Deputy Minister of Trade discussed opportunities to increase trade between the U.S. and Brazil, including the conclusion of the Doha Round of World Trade Organization (WTO) negotiations and the need to renew the Generalized System of Preferences (GSP).
On February 17, 2011, Senator McCain (R) attempted to use “unanimous consent” procedures to have the Senate pass S. 380, his recently introduced bill to extend the Andean Trade Preferences Act (ATPA)/Andean Trade Promotion and Drug Eradication Act (ATPDEA)1.
U.S. Customs and Border Protection is announcing an additional 30 day comment period for the proposed extension of its existing e the Andean Trade Promotion and Drug Eradication Act Certificate of Origin (CBP Form 449) information collection, which it plans to submit to the Office of Management and Budget for review and approval.