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Obama suspended Argentina, effective in 60 days, from the U.S. Generalized System of Preferences program, which waives import duties on thousands of goods from developing countries. The United States imported $477 million of goods from Argentina under the program in 2011, which was about 11 percent of total U.S. imports from the country last year. The move helps Azurix Corp, a Houston-based water services company, and Blue Ridge Investment, a subsidiary of Bank of America, in their bid to receive compensation for actions the Argentine government took a decade ago. It is first time a country has been suspended from the GSP program for failing to pay an arbitration award. "We urge the Government of Argentina to pay the subject awards," U.S. Trade Representative Ron Kirk said in a statement. "This would allow us to consider reinstating Argentina's GSP eligibility and promote the growth of a mutually beneficial U.S.-Argentina trade and investment relationship." 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