Article 3

A beneficiary country shall be removed from Annex I where it has met, during three consecutive years, both the following criteria:

• the country is classified by the World Bank as a high-income country,

• the country's development index, as defined in Annex II, is higher than − 1.

Where a country or territory, which had been removed from Annex I, has not met, during three consecutive years, the criteria set out in paragraph 1, it shall again be included in Annex I.

On the basis of the most recent data available on 1 September of each year, the Commission shall establish which beneficiary countries meet the conditions set out in paragraphs 1 and 2.

The Commission shall publish a notice in the Official Journal of the European Communities, listing the beneficiary countries which meet the criteria set out in paragraph 1 in respect of the most recent year for which data are available.

Upon the entry into force of this Regulation, and before the end of each year, the Commission shall decide, in accordance with the procedure referred to in Article 38, to remove from Annex I the beneficiary countries which meet the condition set out in paragraph 1 and to include those which meet the condition set out in paragraph 2.

The first decision taken in accordance with paragraph 5 shall enter into force on 1 January 2003. Subsequently, decisions taken in accordance with paragraph 5 shall enter into force on 1 January of the second year following the one during which they were taken.

The Commission shall notify a decision taken in accordance with paragraph 5 to the beneficiary country concerned and inform it of the date on which that decision enters into force.