Women's Economic Empowerment in Trade Act of 2021 This bill modifies eligibility requirements for the Generalized System of Preferences (GSP), requires the President to collect specified information on beneficiary developing countries that receive preferential trade treatment under the GSP, and requires the United States Trade Representative (USTR) to review the laws of each country that receives such preferential trade treatment. Specifically, the bill makes ineligible for designation as a beneficiary developing country any country that (1) does not substantially afford equal rights and protection under the law, regardless of gender; or (2) engages in gross violations of internationally recognized human rights. The President must take into account the extent to which a country engages in such practices when determining whether to designate any country as a beneficiary developing country. The President must also collect and publish information on the extent to which a country meets these eligibility criteria, and the USTR must publish a notice of, and the rationale for, any determination with respect to a petition for review of a country's eligibility for designation. The USTR must annually review the laws of each beneficiary developing country relating to their compliance with internationally recognized worker rights and the affording of equal rights and protection under the law, regardless of gender. If a country fails to meet these eligibility criteria for five consecutive years, the benefits provided to that country shall be commensurately reduced.