Letter to Congressional Leaders on Extending and Terminating Generalized System of Preferences Benefits
Dear Madam Speaker: (Dear Mr. President:)
In accordance with section 502(f) of the Trade Act of 1974, as amended (the "1974 Act"), I am notifying the Congress of my intent to (a) designate the Republic of Serbia (Serbia) and the Republic of Montenegro (Montenegro) as separate beneficiary developing countries under the Generalized System of Preferences (GSP); and (b) terminate the designation of Trinidad and Tobago as a beneficiary developing country under the GSP.
In Proclamation 7912 of June 29, 2005, I designated Serbia and Montenegro as a beneficiary developing country for purposes of the GSP. On June 3, 2006, Montenegro declared independence from Serbia and Montenegro and the country separated into two independent republics, the Republic of Serbia and the Republic of Montenegro. Pursuant to section 502 of the 1974 Act, and having considered the factors set forth in sections 501 and 502(c), I have determined that, in light of the separation of Serbia and Montenegro into two countries, the Republic of Serbia and the Republic of Montenegro should each be designated as beneficiary developing countries for purposes of the GSP.
Section 502(e) of the 1974 Act, provides that the President shall terminate the designation of a country as a beneficiary developing country for purposes of the GSP if the President determines that such country has become a "high income" country as defined by the official statistics of the International Bank for Reconstruction and Development. Termination is effective on January 1 of the second year following the year in which such determination is made. I have determined that Trinidad and Tobago has become a "high income" country, and I am terminating the designation of that country as a beneficiary developing country for purposes of the GSP, effective January 1, 2010.
GEORGE W. BUSH
NOTE: Identical letters were sent to Nancy Pelosi, Speaker of the House of Representatives, and Richard B. Cheney, President of the Senate.
George W. Bush, Letter to Congressional Leaders on Extending and Terminating Generalized System of Preferences Benefits Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/277829