R.G. Edmonson | Dec 30, 2009 7:00PM GMT

President Obama on Monday signed into law a bill that extends the U.S. General System of Preferences and the Andean Trade Preference Act for one year.

GSP permits duty-free treatment of selected goods imported from 131 countries. ATPA allows goods from Ecuador, Colombia and Peru to enter duty-free or at reduced rates.

Both programs were due to expire Dec. 31. Lawmakers voted a one-year extension to give them time for an overall review of U.S. trade preference policy.