GENERAL AGREEMENT GATS/EL/67
15April 1994
ONTRADE INSERVICES (94-1136)
PAKISTAN
Final ListofArticle II(MFN) Exemptions
(This isauthentic inEnglish only)
____________________PAKISTAN -FINAL LIST OFARTICLE II(MFN) EXEMPTIONS
Sector orsubsector Description ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed
fortheexemption
Banking andother
financial servicesForeign service promoters are
granted licenses onthebasis of
reciprocityAllcountries Thereciprocity requirement will
remain inplace until similar
measures maintained byother
countries inthissector are
removedThereciprocity requirement is
putinplace toensure that
Pakistani banks areaccorded
equivalent market access in
places outside Pakistan
Financial institutions setupto
undertake Islamic financing
transactionsAllcountries Indefinite Thefinancing transactions are
determined andgoverned by
Religious Boards setupforthe
purpose byeach Islamic
financial institution
Separate banking regulations
maybelaiddown forbanks
which areowned andcontrolled
bytheFederal Government ora
Provincial Government engaged
infinancing thecommodity
operation programmes andother
price support schemes ofthe
GovernmentAllcountries Indefinite Commodity operation
programme isanessential
government function undertaken
through government banks.
These arenon-profitable
transactions ofthebanks. The
exemption willeventually come
toberestricted totheNational
Bank ofPakistan.
Financial institutions setupas
joint ventures under the
framework ofECO orother
protocols signed amongst the
ECO member countriesECO member countries Indefinite TheTreaty ofIzmir andthe
Istanbul Summit heldin
July1993 amongst others
decided fortheestablishment of
financial institutions bythe
governments ofECO Member
States withtheobligation of
meeting thegoals ofregional
economic integration
GATS/EL/67
Page1PAKISTAN (continued)GATS/EL/67
Page2
Sector orsubsector Description ofmeasure
indicating itsinconsistency
with Article IICountries towhich the
measure appliesIntended duration Conditions creating theneed
fortheexemption
Telecommunications Bilateral agreements inthefield
oftelecommunication services
onreciprocity requirementsECO member countries and
BangladeshIndefinite Theexemption islinked to
commitments arising outof
bilateral agreements