Generalized System of Preferences Reform Act of 1992

Generalized System of Preferences Reform Act of 1992 - Amends the Trade Act of 1974 to require the United States Trade Representative (USTR) to promulgate regulations with respect to certain procedural requirements for the filing of petitions requesting designation of an imported article as eligible for duty-free treatment under the Generalized System of Preferences.

Requires the President annually to publish and furnish (currently, from time to time) the International Trade Commission (ITC) with lists of articles which may be considered for designation as eligible for such preference. Requires the ITC: (1) to review such lists without regard to the effect that any prospective withdrawal or suspension of the beneficiary developing country designation of any country that produces like articles may have; and (2) in the public version of its digest set forth the reasoning on which its advice to the President with respect to the article is based.

Declares the following articles as import-sensitive and not eligible for duty-free treatment under the Generalized System of Preferences: (1) certain wine; (2) certain brandy; (3) certain mushrooms; (4) certain glassware; (5) certain goya cheese; (6) sulfazaline; (7) nitro-cellulose; (8) any imported agricultural article which will render ineffective, or materially interfere with, a loan or purchase program of, or other industry-wide operation of, the Department of Agriculture; (9) any article which is subject to any order or action granting import relief under specified U.S. trade laws; and (10) any article not included in the petition. Declares that an article shall be treated as being import-sensitive if its importation will cause harm, or tend to cause harm, to the U.S. industry that produces a like or directly competitive product.

Requires the USTR to report to the Congress on duty-free petitions granted, their economic impact on pertinent U.S. industries, and developmental impact on beneficiary developing countries.