Outgoing US President George W. Bush described Trinidad and Tobago as a "high- income" country as he asked that it be removed from a list of developing country beneficiaries.

In the letter dated June 30, 2008, Bush took Trinidad and Tobago out of the Generalised System of Beneficiaries. Below is the full text of the letter from the White House.
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 Generalised 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 indepen-dence 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

The Generalised System of Preferences (GSP) is a programme designed to promote economic growth in the developing world and provides preferential duty-free entry for more than 4,700 products from 130 designated beneficiary countries and territorie.

According to Trinidad's Central Bank, the country's gross domestic product (GDP) per capita is US$16,105. In 2007, two-way trade between Trinidad&Tobago and the United States totalled US$10.4 billion. The United States imported US$8.7 billion worth of goods and services from Trinidad & Tobago. The twin island republic imported US$1.7 billion worth of products from the United States.

Once a country has graduated from low-to-middle-income, it will no longer be eligible for certain benefits, particularly in respect to aid, or for some typical preferential facilities from the World Bank and the International Monetary Fund.
Commenting on this latest assessment of Trinidad and Tobago, Trinidadian economist Jwala Rambarran said: "In the last three to four years, our GDP has grown so rapidly, our per capita might rank third or fourth in the Western Hemisphere.

"We have a vibrant energy sector tthat people come and invest in. We have more or less moved away from aid flows. They are no longer as important to us as a form of financing."

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