TO THE CONGRESS OF THE UNITED STATES:
In accordance with section 502(f)(2) of the Trade Act of 1974, as amended (the “1974 Act”) (19 U.S.C. 2462(f)(2)), I am providing notification of my intent to terminate the designations of Gibraltar and the Turks and Caicos Islands as beneficiary developing countries under the Generalized System of Preferences (GSP) program. Section 502(e) of the 1974 Act (19 U.S.C. 2462(e)) provides that if the President determines that a beneficiary developing country has become a “high income” country, as defined by the official statistics of the International Bank for Reconstruction and Development (i.e., the World Bank), then the President shall terminate the designation of such country as a beneficiary developing country for purposes of GSP, effective on January 1 of the second year following the year in which such determination is made.
Pursuant to section 502(e) of the 1974 Act, I have determined that it is appropriate to terminate Gibraltar’s designation as a beneficiary developing country under the GSP program, because it has become a high income country as defined by the World Bank. Accordingly, Gibraltar’s eligibility for trade benefits under the GSP program will end on January 1, 2014.
In addition, pursuant to section 502(e) of the 1974 Act, I have determined that it is appropriate to terminate Turks and Caicos Islands’ designation as a beneficiary developing country under the GSP program, because it has become a high income country as defined by the World Bank. Accordingly, Turks and Caicos Islands’ eligibility for trade benefits under the GSP program will end on January 1, 2014.
BARACK OBAMA