Free and Fair Trade Act of 2011 - Amends the Trade Act of 1974 to extend duty-free treatment under the Generalized System of Preferences (GSP) through June 30, 2012.
Requires the liquidation or reliquidation (refund of duties) on such articles that entered into the United States after December 31, 2010, and before the 15th day after enactment of this Act.
Makes ineligible for such treatment certain imported sleeping bags.
Amends the Andean Trade Preference Act (ATPA) to extend duty-free treatment or other preferential treatment of the products of Colombia and Ecuador through June 30, 2012.
Extends through FY2012 preferential treatment for apparel articles assembled in one or more beneficiary countries from regional fabrics or regional components, and specified other type apparel (brassieres).
Requires the liquidation or reliquidation (refund of duties) on such articles that entered into the United States after February 12, 2011, and before the 15th day after enactment of this Act.
Extends the President's authority to take bilateral emergency action to grant duty-free treatment of certain apparel articles imported from an ATPDEA beneficiary country.
Rescinds $2.3 billion in appropriated discretionary unexpired federal funds.