Broker Power is providing readers with some of the top stories for October 24-28, 2011 in case they were missed last week.
The Office of the U.S. Trade Representative announced that it is prepared to receive petitions to modify the list of products that are eligible for duty-free treatment under the Generalized System of Preferences (GSP) program and to modify the status of certain GSP beneficiary developing countries because of country practices, as part of the 2011 GSP Annual Review.
The Office of the U.S. Trade Representative has issued a notice announcing that the GSP Subcommittee of the Trade Policy Staff Committee has accepted for review a country practices petition submitted for the 2010 GSP Annual Review regarding the Republic of Georgia. The notice also announces that in view of the lapse in authorization of the GSP program through much of 2011, there will be no actions taken in 2011 with respect to competitive need limitations (CNLs).
On October 25, 2011, the President issued Proclamation 8741 restoring trade preferences and other benefits to Côte d'Ivoire, Guinea, and Niger as beneficiary African Growth and Opportunity Act (AGOA) countries and as lesser developed AGOA beneficiary countries.1
U.S. Customs and Border Protection has issued a memorandum on the renewal of the Generalized System of Preferences program on November 5, 2011 and the procedures for duty refunds for entries filed during the period in which GSP lapsed (January 1, 2011 through November 4, 2011).
Senator Hatch (R-UT), Ranking Member of the Senate Finance Committee, issued a statement following the President's October 21, 2011 signature of the U.S. trade agreements with Colombia, Panama, and South Korea encouraging the administration to negotiate additional agreements to open more markets for U.S. goods. He said that this can only be accomplished by renewing Trade Promotion Authority and adds that if the President moves forward with a bold new trade agenda, Republicans in Congress will be willing partners. Senator Baucus (D-MT), Senate Finance Committee Chairman also commended the signature of the FTAs along with the Trade Adjustment Assistance extension, extensions of the Generalized System of Preferences (GSP) and the Andean Trade Preference Act (ATPA).
Broker Power is providing readers with some of the top stories for October 17-21, 2011 in case they were missed last week.
In a toned-down signing ceremony, President Obama signed the GSP/MPF/TAA bill, as well as the Korea, Panama, and Colombia FTA implementing bills, on Friday, October 21, 2011 in the Oval Office. However, there was only still photographs taken, and he made no remarks in the Rose Garden as originally announced.
The President is scheduled to sign the bill that renews the Generalized System of Preferences program on October 21, 2011. This GSP provision, which takes effect 15 days after that date (approximately November 5), will renew the GSP program retroactively from January 1, 2011 through July 31, 2013. This notice describes the GSP renewal provisions in H.R. 2832 and the process that CBP is expected to follow for refund requests for entries made during the period GSP lapsed.
The White House press office has issued an announcement that the President will sign the GSP/MPF/TAA bill, as well as the Korea, Panama, and Colombia FTA implementing bills, on Friday, October 21, 2011.