   
  
WT/MIN(24)/W/4  
WT/GC/W/924  
 
13 February 2024  
(24-1299) Page: 1/2 
Ministerial Conference  
Thirteenth Session  
Abu Dhabi, 26 -29 February 2024  
General Council  
 Original: English  
 
DRAFT MINISTERIAL DECLARATION ON FACILITATING CROSS BORDER REMITTANCES  
COMMUNICATION FROM INDIA  
The following communication, dated 13 February 2024, is being circulated at the request of the 
delegation of India.  
 
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1.  We recognize  the significant positive contribution of cross -border remittances towards socio -
economic development of households and communities especially in developing countries including 
LDCs and acknowledge that out of total remittance s of USD 860 billion in 2023, USD 669 billion 
(about 78%) went to Low and Middle Income Countries (LMIC)1. 
2.  We understand that cross border payments and money transmission service is a critical financial 
service used by the sender and receivers for cross -border remittances, thus providing a point of 
contact with the financial sector that can be leveraged to increase access to other financial services, 
achieve financial inclusion and enhance participation in financial services trade.  
3.  In view of the close rel ationship between such services and sustainable development, we 
underline the need to reduce the cost of cross -border remittances. We reaffirm our commitment to 
the UN SDG Goal 10.c to reduce to less than 3 per cent the transaction costs of remittances and  
eliminate remittance corridors with costs higher than 5 per cent by 2030 with a view to achieve the 
primary goal target, that is, 'Reduce inequality within and among countries' which is aligned to the 
WTO's development agenda.  
4.  We highlight that the global  average cost for sending remittances, though has declined over time, 
remains high at 6.18 per cent —more than twice the SDG target, and the experience varies across 
countries and regions.  
5.  We recognize that one of the main factors explaining the growth and  demand for cross border 
payment services is the expansion in international remittances and underline the need to promote 
and facilitate trade in these services.  
6.  We highlight that one of the means to achieve cheaper, faster, and more transparent and 
acces sible cross -border payments including remittances is promoting interoperability and 
interlinkages of digital payment infrastructures including fast payment systems. The global average 
cost for digital remittances at 4.84 per cent is significantly lower tha n the cost for non -digital 
remittances.2 
7.  We acknowledge the important work being undertaken by the international organizations in 
reducing the cost of remittances.  
 
1 https://www.knomad.org/publication/migration -and-development -brief-39 
2 Remittance Prices Worldwide – Issue no. 47, September, 2023.  WT/MIN(24)/W/4 • WT/GC /W/924  
 
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  8.  We welcome the decision of the Committee on Trade in Financial Services to hold a Thematic 
Session on 'Cost of Remittances' in March 2024.  
9.  The Ministerial Conference instructs the Committee on Trade in Financial Services to undertake 
a work programme consist ing of efforts to:  
● Understand the development impact of cross -border remittances  
● Review the cost of cross -border remittances, trends and developments  
● Consider how technology, emergence of new market players, different types of providers 
and new channels, and consumer behaviour are impacting the cross -border remittance 
services  
● Examine the drivers of cost of cross -border remittances and challenges associated with 
reducing it  
● Identify the opportunities created for lowering the cost of cross -border remittance s including 
on account of digitalization, and emergence of new technologies  
● Explore ways to address the challenges and utilize the opportunities related to lowering the 
cost of remittance services  
 
10.  We recommend that the Committee on Trade in Financial Ser vices maintain a standing agenda 
item in its meeting, and hold dedicated sessions, to implement the work program with a view to 
recommend steps that could be taken towards reducing the cost of remittances to the Council for 
Trade in Services which in turn will report to the General Council.  
11.  We instruct the General Council to review the outcomes of the work program and report on key 
findings, actions undertaken and recommendations to the Fourteenth Ministerial Conference.  
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