Government is being warned to closely monitor the decision of US President George W Bush to remove this country as a beneficiary developing country ...effective January 1, 2010

The warning comes from Head of the San Juan Business Association Imitaz Ali…who says it’s just too early to say what kind of effects the decision will have

Yesterday President George W Bush told the US Congress…Trinidad and Tobago is too rich

He qualified this country is a "high income" one saying Trinidad and Tobago's economy has been going so well that it was no longer eligible for duty-free access for exports.

In an interview earlier…Ali said the list of products to be affected must be released before Government can tackle the issue…and he predicted much damage … if it was in the area of agricultural commodities

Ali said this huge decision was based only on perception…adding he disagreed with President Bush’s description of the twin isle nation…

In the meantime…Government has assured it is not taking the matter lightly

Speaking to reporters during yesterday’s tea break in the Senate …Minister in the Ministry of Finance Mariano Browne said government acknowledged the situation…saying …it’s something they were is not ignoring.

He said however the new development will only affect about "two per cent" of the country's exports…

But this offered no comfort to Ali…who said says the possible effects of the decision must not be underestimated