    [Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
    [June 30, 2008]
    [Page 894]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Letter to Congressional Leaders on Extending and Terminating Generalized
    System of Preferences Benefits
    June 30, 2008

    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.
             Sincerely,

                                                              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.