President Obama Signs GSP and ATPA Bill into Law

On December 28, 2009, President Obama signed into law H.R. 4284, which extends the Generalized System of Preferences (GSP) and the Andean Trade Preference Act (ATPA) for one year, through December 31, 2010. Under the GSP treatment, beneficiary developing countries receive certain trade benefits.  

According to the Presidential Proclamation, effective January 1, 2011, Croatia and Equatorial Guinea will no longer receive the GSP treatment as they have achieved "high income" classification. Cape Verde will be removed from the list of least-developed beneficiary countries under GSP effective January 1, 2010.