Wto Agreement On Financial Services

At present, financial services, like all services, are included in the negotiations on new services that began in January 2000. (viii) all payment and money transfer services, including credit, fee and debit cards, traveller`s cheques and bank invoices; (d) Point (c) of the third paragraph of Article I of the Agreement shall not apply to the services covered by this Annex. These functions include: facilitating transactions (exchange of goods and services) in the economy; the mobilization of savings (for which opportunities would otherwise be much more limited); the allocation of capital resources (in particular to finance productive investments); follow-up of managers (so that allocated funds are spent as planned); and risk transformation (reduction by aggregation and promotion by those who are willing to bear it). The Protocol annexed to the new financial services plans may be accepted until 30 June 1996 in order to give Members time to decide on national ratification procedures. The Protocol and thus the commitments will enter into force 30 days after their acceptance by all the members concerned. If, by 1 July 1996 at most, not all the Members concerned have adopted the Minutes, a decision shall be taken within 30 days as to whether or not they should enter into force. In the period prior to its entry into force, Members have undertaken not to take any action that would be inconsistent with their future obligations. > Successful conclusion of the WTO negotiations on financial services in 1997 The General Agreement on Trade in Services (GATS) was one of the main achievements of the Uruguay Round and is now an integral part of the legal framework of the World Trade Organization. The GATS covers all services sectors, including financial services, and consists of two components.

The first element concerns the rules and disciplines that apply to all WTO Members; the second is the “calendar of specific commitments”. 8. No Member shall adopt measures to prevent the transmission of information or the processing of financial information, including the transmission of data by electronic means, or, subject to rules that are importable in accordance with international agreements, the transfer of equipment where such transmission of information, the processing of financial information or the transfer of equipment for the exercise of the commercial activity of a financial service supplier is Required. Nothing in this paragraph limits a Member`s right to protect personal information, privacy and the confidentiality of individual records and accounts as long as such right is not used to circumvent the terms of the Agreement. In fact, the agreement means that the best offers negotiated in the last two years, and especially in the last few months, with the exception of those of the United States, will initially be implemented before November 1, 1997. At that time, members will again have the opportunity (within the next 60 days) to change or improve their financial services offering and receive the majority of the compensation in this sector. It may well be that new negotiations on financial services are taking place at this time. 5. Each Member shall grant financial service providers of another Member the right to establish or expand a commercial presence in its territory, including through the acquisition of existing businesses. .