RESTRICTED
WORLD TRADE S/C/W/32
3December 1997
ORGANIZATION
(97-5350)
Council forTrade inServices
-DRAFT-
DECISION OFDECEMBER 1997 ONCOMMITMENTS INFINANCIAL SERVICES
TheCouncil forTrade inServices,
Having regard totheSecond Decision onFinancial Services adopted bytheCouncil forTrade
inServices on21July1995 (S/L/9),
Noting theresults ofthenegotiations carried outunder theterms ofthatDecision,
Having regard totheDecision adopting theFifthProtocol totheGeneral Agreement onTrade
inServices adopted bytheCommittee onTrade inFinancial Services on14November 1997(S/L/44),
Decides asfollows:
1. IftheFifth Protocol totheGeneral Agreement onTrade inServices (GATS) doesnotenter
intoforce inaccordance withparagraph 3therein:
(a) Notwithstanding Article XXIoftheGATS, aMember mayduring aperiod ofsixty
daysbeginning on1March 1999, modify orwithdraw allorpartofthecommitments
onfinancial services inscribed initsSchedule.
(b) Notwithstanding Article IIoftheGATS andparagraphs 1and2oftheAnnex on
Article IIExemptions, aMember may, during thesame period referred toin
paragraph 1(a),listinthatAnnex measures relating tofinancial services which are
inconsistent withparagraph 1ofArticle IIoftheGATS.
2. TheCommittee onTrade inFinancial Services shallestablish anyprocedures necessary for
theimplementation ofparagraph 1.