A bill to extend the generalized system of preferences.

Amends the Trade Act of 1974 to extend the generalized system of preferences program (duty free treatment of goods from a beneficiary developing country) until December 31, 2009.

Authorizes the President, in designating a country as a beneficiary developing country under the generalized system of preferences program, to take into account the country's position and level of cooperation with the United States in multilateral trade negotiations.