PRESS/19
28July 1995
FINANCIAL SERVICES AGREEMENT CONFIRMED
STATEMENT BYCHAIRMAN
TheChairman oftheCommittee onTrade inFinancial Services, Mr.Frank Swedlove ofCanada,
today confirmed thecompletion ofthenegotiations onfinancial services. Inalltwenty-nine WTO
Members (counting theEUasone) have agreed tosigntheprotocol stating their intention toimplement
improved schedules ofcommitments bynolater than 30June 1996. Adecision related totheprotocol
alsostates thewillingness ofmembers tocomply with theimproved schedules immediately, solong
asitisconsistent with existing domestic legislation. Swedlove noted inthemeeting:
"Given theevents of30June, theresults achieved today arethebestthatcould have
been hoped for. Thediscussions andnegotiations which have taken place over thepastyear
have ledtoimportant improvements, both interms ofmarket access andnational treatment
commitments andinterms offewer andlesstrade-distorting MFN exemptions.
"The EUhasshown great leadership over thepastmonth inresponse totheUSdecision
oftheendofJune. And other countries should also becommended fortheir unwavering
commitment totheprinciples ofprogressive liberalization andMFN. Without these efforts,
thenegotiations onfinancial services would have certainly ledtofailure.
"Today 'sachievement should beconsidered asakeystepforward, butbynomeans
theendoftheprocess. Members have committed toreview their positions onfinancial services
bytheendof1997. This willcreate anopportunity forcommitments tofurther liberalization
andaneven broader MFN-based agreement."
95-2248