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On October 3, 2014, the White House announced that President Obama signed Presidential Proclamation — To Modify the List of Beneficiary Developing Countries Under the Trade Act of 1974, in which he determined that Russia is sufficiently advanced in economic development and improved in trade competitiveness that it is appropriate to terminate the designation of Russia as a beneficiary developing country under the Generalized System of Preferences (GSP) effective October 3, 2014. The President notified the Congress and Russia on May 7, 2014, of his intent to terminate Russia’s designation. In order to reflect the termination of Russia’s designation as a beneficiary developing country, he has determined that it is appropriate to modify general notes 4(a) and 4(d) and pertinent subheadings of the Harmonized Tariff Schedule of the United States (HTS). [Note: The GSP program expired more than a year ago and has not been renewed by Congress.] |
