[Congressional Record Volume 158, Number 100 (Friday, June 29, 2012)]
[Senate]
[Page S4770]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




NOTIFICATION OF THE PRESIDENT'S 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--PM 
                                   53

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States which was referred to the 
Committee on Finance:

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.  
The White House, June 29, 2012.

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