 RESTRICTED  
  
S/FIN/M/9 6 
 
9 February 2023  
(23-0962) Page: 1/6 
Committee on Trade in Financial Services    
 
  
REPORT OF THE MEETING HELD ON 7 DECEMBER  2022 
NOTE BY THE SECRETARIAT1 
The Committee on Trade in Financial Services held a meeting on 7 December  2022, under the 
Chairpersonship of Mr Pedro Bravo  (Peru). The agenda was contained in document 
WTO/AIR/CTFS/1 3. 
1  ADOPTION OF THE ANNUAL REPORT TO THE COUNCIL FOR TRADE IN SERVICES 
(S/FIN/W/98)  
1.1.  The Committee adopted the annual report as contained in document S/FIN/W/98.  
2  PROPOSAL FOR A THEMATIC SEMINAR – FINANCIAL SERVICES: TRADE, INCLUSION 
AND ACCESSIBILITY – COMMUNICATION FROM CANADA (JOB/SERV/CTFS/1);  
2.1.  The Chairperson  introduced the agenda item by recalling that Members had had an interesting 
discussion at the previous meeting on the proposal submitted b y Canada (JOB/SERV/CTFS/1) . Such 
a discussion had highlighted the relevance of the main issue raised by the proposal: socio -economic 
financial inclusion and its interaction with trade in financial services and financial services trade 
policy. Many Members had supported the proposal. Some of those supporters had even made 
concrete suggestions on the program. However, two delegations had expressed some reservations. 
South Africa, while not opposed in principle to organizing the seminar, had sought to rebalanc e the 
content of  the proposed  sessions two, three and four. On the other hand, India had proposed, as an 
alternative to the Canadian proposal, holding a dedicated discussion on cross -border remittances.  
2.2.  As concluded by the Chairperso n, the Committee would  revert to this topic at th e present  
meeting , and, in  the meantime, the Chair would conduct consultations with interested Members on 
the way forward. In that regard, the Chairperson said that in the short time available since his 
appointment as new Chair o f the CTFS , he had spoke n individually with Canada and with delegations 
that had commented on the proposal, with a view to better appraising the different interests and 
positions. Some of the issues raised by the proposal present ed sensitivities for some Members. In 
the Chairperso n's view, however, the proponent – Canada – had given enough reassurances that, 
first, there was no intention to link this discussion to market access discussions; and, secondly, that 
there was no intention to foresee any rulemaking  in this area. In additi on, the Chairperson 
considered that the calls for rebalancing the program, both in terms of topics and perspectives, in 
particular a balance between the perspective of developing and more advanced economies, c ould 
only be achieved if  work on a concrete pro gram could commence . In the Chairperson's view, further 
discussions and consultations on this proposal were needed . 
2.3.  The representative of Canada  thanked the Chair for the update on his consultations. Canada 
was grateful for the very positive support to the proposal expressed by some 15 Members at the 
last meeting. There was significant interest in the proposal and in discussing issues relating to trade, 
financial inclusion and accessibility, which were topical both within the WTO and in the financial 
services sector itself. She also welcomed the ideas that Members shared on specific topics and 
speakers for the thematic seminar. Canada was looking forward to further discussions on developing 
a program that reflect ed the diverse contexts and experiences acr oss the membership on these 
issues. Canada had also been reaching out to other Members since the last meeting. In that regard, 
 
1 This document has been prepared under the Secretariat's own responsibility and is without prejudice 
to the positions of Members or to their rights and obligations under the WTO.  S/FIN/M/9 6 
 
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  she informed the Committee that the following Members had signed on as co -sponsors of the 
proposal: Chile, New Zealand, the Phili ppines, the Republic of Korea and Ukraine. She looked forward 
to collaborating closely with the co -sponsors as work moved forward on the thematic seminar.  
2.4.  The representative of India said that, as she had p ointed out in the last meeting, the focus in 
three out of four sessions  of the Canadian proposal  was on gender  and women issues. The proposal 
aimed, inter alia , to apply the "gender lens on financial services trade " and to "consider how financial 
services trade policy can be used to improve the capac ity for women to benefit from the opportunities 
of trade and investment ". She said that India did not support the current focus on gender issues and 
gender specific thematic sessions in the  proposed seminar. India maintained that the discussions in 
the CTF S should be on core trade related aspects of financial services. She urged M embers not to 
bring in new issues in the functioning of committees which have clear mandates.  
2.5.  She further explained that financial inclusion was among  the top priorities of the Ind ian 
Government as it was an enabler for inclusive growth. It provide d an avenue to the poor for bringing 
their savings into the formal financial system. In India, the Jan Dhan -Aadhaar -Mobile, popularly 
known as the JAM trinity , had transformed the whole concept of financial inclusion.  Unique digital 
identities, the Aadhaar cards , were issued. The transfer of money was facilitated through P radhan 
Mantri Jan Dhan Yojana (PMJDY) accounts, launched in 2014 . PMJDY accounts grew three -fold from 
147.2 million in March 2015 to 462.5 million on 10 August 2022. The success of the PMJDY also lie d 
in its expanded coverage to rural or semi -urban areas as well as women account holders : 55.59% 
Jan-Dhan account holders were women and 66.79% Jan Dhan accounts were in rural and semi -
urban areas .  
2.6.  Further, g reater use of mobile payments technology allowed transfers  of money quickly and 
securely , thereby improving the quality and convenience of service delivery.  This JAM pipel ine 
created through  the linking of bank accounts with  the unique digital identities and mobile numbers 
of the account holders , had enabled instant direct benefit transfer under various government welfare 
schemes to the eligible beneficiaries . The advantage of the architecture created under  the financial 
inclusion  ecosystem came handy during the Covid -19 pandemic when the poor and needy population 
benefitted from direct monthly transfers in their bank accounts.  
2.7.  With the issue of over 31 9.4 million RuPay debit cards under PMJDY, the installation of 6 .169 
million PoS/mPoS machines as on June  2022 and the introduction of mobile based payment systems 
like the Unified Payment Interface ( UPI), the total number of digital transactions went up from 9.78 
billion in fiscal year 2016 -17 to 71.95 billion in fiscal year 2 021-22. The total number of UPI financial 
transactions increased from  17.9 million in fiscal year 2016 -17 to 45.96 billion in fiscal year 2021 -
22. Similarly, the total number of RuPay card transac tions at PoS and E -commerce  increased from 
282.8 million in fiscal year 2016 -17 to 1.516 billion in fiscal year 2021 -22. 
2.8.  A mobile application, Jan Dhan Darshak App , was launched to provide a citizen centric platform 
for locating banking contact  points in the country, such as bank branches, ATMs, and post offices. 
Over 8 00,000 banking contact points had been mapped. This app was also used to identify villages 
not served by banking  contact points within 5 km  – these identified villages were then allocated to 
various banks by concerned State Level Bankers' Committees (S LBCs) for opening of banking 
outlets. These efforts ha d resulted in a significant decrease in the numbe r of such villages  – only 
143 at present.  
2.9.  The Reserve Bank of India constructed a composite Financial Inclusion Index (FI -Index) to 
capture the extent of financial inclusion across the country.  The index capture d information on 
various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 
represent ed complete financial exclusion and 100 indicat ed full financial inclusion. The FI -Index 
consisted of t hree broad parameters  – Access, Usage, and Quality – with each of these consisting of 
various dimensions, comprising in all 97 indicators. A unique feature of the Index  was the Quality 
parameter which captur ed the quality aspect of financial inclusion as reflected by financial literacy, 
consumer protection, and inequalities and deficiencies in services. The annual FI -Index for the period 
ending March 2022 was 56.4, compared to  43.4 for the period ending March 2017.  
2.10.  She added that India continued to work with a view to  enhancing financial incl usion and 
accessibility for its population.  In the spirit of constructive engagement for the work in this 
Committee, at the last meeting India had su ggested another area of focus – cross-border S/FIN/M/9 6 
 
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  remittances services. India had advanced its arguments on why the discussion on such remittances 
was important , focusing in particular on the need to reduce the cost of sending remittance s, which 
had become one of the key issues in the international development agenda. The United Nations  had 
also included a target fo r remittance cost reduction in the Sustainable Development Goals (SDGs). 
She clarified that India's proposal for discussion on cross border remittances was not linked to the 
proposal by Canada. India propose d a dedicated discussion , seminar or w orkshop on remittances 
services in the CTFS , which would cater to a broader aspect of trade in financial services and facilitate 
trade in services in general.  
2.11.  The representative of New Zealand  said that his country was pleased to co -sponsor the 
proposal  originally submitted by Canada . New Zealand was committed to pursuing meaningful 
discussions in the Council  for Trade in Services and all its subsidiary bodies. He trusted that all 
Members share d that ambition  and considered that t he best way to pursue that  ambition was to 
table proposals. A proposal on inclusion d id not  preclude a conversation on any other topic or theme.  
He was pleased to hear about the Indian proposal. It was vital that the organisation continue d to 
evolve in pursuit of the interests of a ll Members and all populations within each Member.  The theme 
of inclusion was a particularly important one. Ensuring that the benefits of trade  become accessible 
to all segments of society was an area of increasing prominence globally , including within the WTO. 
The Trade and Gender Congress  was testament to that interest. Indeed , many Members had called 
for utilising the existing multilateral architecture to discuss emerging trade themes. That was 
precisely the objective of the proposal – to have a discussion. As co -sponsor, New Zealand would be 
pleased  to discuss the details of the proposal to make sure they reflect ed the interests of all 
Members. He looked forward to discussing this important topic further and planning for the 
workshop.  
2.12.  The representative of the Philippines  echoed New Zealand on the need to discuss the new 
issues emerging in the financial services landscape. He confirmed that Philippines had joined as co -
sponsor of the proposal, and expressed the hope that the seminar could be organized early in 2023. 
He added that his delegation was interested in contributing to the thematic sessions on gender and  
the expansion of access to financial services through digital technologie s. He also expressed interest 
in contributing to the discussion on the forthcoming Indian proposal on cross -border remittances.  
2.13.  The representative of Thailand  said that the thematic seminar would provide a good 
opportunity for Members to share and exchang e relevant experiences on the contribution of the 
financial sector to society and the economy, and on the development of policies  allowing all layers 
of society, including women, to access financial services. The seminar would benefit developing 
countries,  who coul d share their viewpoints on these issues. She said that Thailand was particularly 
interested in the role of technology in promoting inclusion, accessibility and equality in the context 
of trade in financial services. Thailand therefore lent its su pport to the proposal by Canada, and 
expressed interest in contributing a speaker that could share Thailand's views on the se issues. She 
looked forward to further working on the details of the program.   
2.14.  The representative of the Republic of Korea  said that tackling socio -economic inclusivity and 
equality in the context of financial services trade was timely and meaningful. In that respect, how 
to make financial services more accessible to underserved groups through technology was worth 
discussing.  He confirmed that Korea had joined as co -sponsor of the proposal. He looked forward to 
working out the seminar's program. He added that the issues raised by India were also worth 
discussing  and that  another thematic seminar on those issues could also be o rganized.  
2.15.  The representative of the United Kingdom  said that her country strongly  support ed Canad a's 
proposal.  It was encouraging to hear growing support for the initiative. Inclusion and accessibility 
were central to trade and development and  the United Kingdom supported Canada's  suggestion to 
look at these issues through a financial services lens.  Her understanding  was that the proposal aimed 
at a single event and  would provide Members with the opportunity to share and discuss best practices 
affecting fi nancial services trade.  She expressed disappointment that some Members d id not see 
value in holding such a seminar, as in the United Kingdom's view it was very much in the scope of 
the Committee 's mandate. The Trade and Gender Congress  hosted by the WTO th is week highlighted 
the important links between trade and gender, in particular how trade policy c ould better address 
women's needs and support women 's economic empowerment. The United Kingdom therefore d id 
not understand the concerns of some Members to discuss these issues within the CTFS.  It was also 
her understanding that while the proposed agenda included a specific gender lens in one session, 
there  was scope to discuss inclusivity and accessibility init iatives beyond gender.  That said, the S/FIN/M/9 6 
 
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  United Kingdom recognised the points raised in the previous discussion, as well as other suggestions, 
and remain ed open to further refine the agenda to reflect the priorities of Members.  The United 
Kingdom urged all Me mbers to consider this important proposal  and expressed the hope that the 
Committee could press ahead with this seminar in 2023.  
2.16.  The representative of Australia  expressed her country's strong support for the proposal by 
Canada. Australia recognised the cri tical importance of socio -economic inclusion and accessibility to 
trade in financial services, and considered that this was a constructive and timely discussion for the 
Membership to have. Australia disputed the characterisation of other Members that these  topics  
were not "core" trade issues. They clearly fell within the mandate of this Committee. Canada ha d 
made great efforts to accommodate feedback of other Members to ensure this exercise could  take 
care of all Members' interests. T opics like cross -border  remittances  could  be discussed in this 
context. She considered that it was unfortunate that Members be unable to take advantage of this 
valuable multilateral forum to carry out such broader discussions, particularly in the context of the 
MC12 mandate to progress WTO reform and improve the deliberative function of committees such 
as this one. She also echoed other Members in highlighting the powerful messages heard  throughout 
the Trade  and Gender Congress th at week, and the vital connection between trade policy and 
women 's economic empowerment. She further inquired whether India had any plan to submit its 
own proposal in writing.  
2.17.  The representative of the United States  reiterated its su pport for the Canadian proposal, which 
was well developed and focused. He cautioned , however , against adding items to the proposed 
thematic seminar that would go beyond the mandate of th e Committee  or new proposals for thematic 
seminars that would go into areas that might be more appropriately addressed in other international 
fora. He looked forward to participating in further consultations on th e proposal, and requested that 
proposals for other thematic seminars be submitted in writing to enable  proper con sideration.  
2.18.  The representative of China  thanked Canada for its update and India for sharing relevant 
experience. China attached great importance to inclusive finance and had worked extensively to 
improve inclusiveness and access to financial services. He r eiterated China's support to the proposal 
by Canada and other co -sponsors to organize a thematic seminar on th ose issues. He hoped that 
those differences among Members on the organization of th e seminar could be overcome.  
2.19.  The representative of South Afric a said that at the previous meeting, his capital -based 
colleague had communicated  South Africa's position, which remained the same . Following that 
meeting, his delegation held consultations with the proponents and the Chair on 23 November and 
2 December, respectively. In the spirit of transparency, he summarized the main views expressed 
by his delegation in the said consultations. In  principle, he made it clear that South Africa had no 
objection to an information sharing workshop; however, if the intention was to complement or launch 
discussions on market access or domestic regulation disciplines for financial services, that would not  
be supported. In this regard, he sought further information from proponents as to what was 
envisaged as a next step after the seminar. South Africa also reiterated some concern with regard 
to sessions 2, 3 and 4 of the proposed seminar, in particular with  regard to the somewhat restrictive 
framing of themes in those sessions that would not adequately accommodate diverse policy 
experiences on financial inclusion and exclusion. He added that South Africa availed itself to work 
with the proponents to make ame ndments and proposals for more inclusive and balanced topics. He 
pointed out that in his consultations with Canada, South Africa had shared some ideas on how to 
move the discussion on the proposed workshop forward. His delegation remained committed to work  
constructively with the co -sponsors to bridge any remaining divergences.  
2.20.  The representative of the European Union  reiterated its  support for the proposal by Canada 
and co -sponsors to hold a thematic seminar on trade, inclusion and accessibility in the fin ancial 
services sector. The European Union view ed the proposed focus of the event and specific topics as 
pertinent, in particular  as regards to the impact of financial services trade on inclusivity and equality 
as well as the use of technology for inclusiv eness.  There was clearly a strong interest by a large and 
diverse group of Members in taking th e proposal forward as proposed, as demonstrated also by 
additional co -sponsors. The European Union fully supported the comments made by Australia and 
the United Kingdom regarding gender inclusiveness issues . She further recalled that the importance 
of women empowerment and its contribution to inclusive and sustainable economic growth ha d been 
acknowledged by the Ministers in the MC12 outcome document, noting diffe rent context s, challenges 
and capabilities among Members.  While the European Union did not ha ve a strong view on how many 
sessions there should be on th at topic, it failed to  understand the strong concerns of one Member to S/FIN/M/9 6 
 
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  have a conversation on th at impor tant and pertinent issue in the seminar, from the perspective of 
financial services trade.  She expressed the hope that Members would be able to move forward with 
the proposal and have the seminar in the near future. She agreed that th e seminar did not preclude 
Members  from bringing forward other topics or ideas for different events, in the form of  written  
proposals.  
2.21.  The representative of Switzerland  reiterated his country's support for the organization of the 
seminar proposed by Canada and co-sponsors. He praised initiatives like th at one, which would help 
reinvigorate the work of the Committee. The proposed seminar provided a good opportunity to all 
Members to improve their knowledge and understanding on issues relevant to trade in financia l 
services. That said, Switzerland was open to enlarge the scope of discussions based on  concrete 
proposals that could be framed within the main theme proposed by Canada and co -sponsors.  
2.22.  The representative of Norway  also reiterated her country's support f or the organization of the 
seminar proposed by Canada and co -sponsors and for the suggested topics. Many financial services 
were necessary in order to enable consumers to function in society. One important aspect was to 
ensure that information on the diffe rent financial services was accessible, and that technology was 
sufficiently secure to avoid fraud against consumers.  
2.23.  The representative of Chile reiterated his country's support for the Canadian proposal  and h e 
announced that Chile would join as co -sponso r. Chile considered that this was the appropriate place 
to discuss the issues presented by the Canadian delegation and that sufficient assurances had been 
given to the concerns expressed by some Members. The empowerment of women was a key issue 
that could be discussed in all WTO forums as it was a topic related to all trade aspects. He invited 
delegations suggesting amendments to the Canadian proposal to send them in writing to facilitate 
analysis and consultation with capitals.  
2.24.  The representative of Singap ore thanked Canada and co -sponsors for the proposal and looked 
forward to  working with Members on the operationalization of the discussion on these important 
issues, in particular on digital financial inclusion.  
2.25.  The representative of Egypt  said that his government was still analysing the Canadian 
proposal. Egypt welcomed the shar ing of experiences among Members  and believed that  the 
Committee provided a useful platform for M embers to share their experiences  on financial i nclusion.  
However, before agreeing  to the organization of the seminar, further information on the proposal 
was needed. He said that the seminar might lead to policy recommendations for Members to consider  
and might evolve into discussions relevant to the proposed ideas or concepts. He aske d the  
proponents to share their views on the objectives of the seminar and the rationale for focusing on 
women and gender -related issues. In his view, the Committee had always addressed how to bridge 
the gap  between developing and developed countries in ge neral and not in connection to a specific 
segment of the population. His delegation remained open to consider proposals from Members on  
how to deal  with the gaps between developed and developing countries without having to focus on 
a specific sector or seg ment of the society.   
2.26.  The Chairperson  clarified, in reference to Egypt's statement, that no policy recommendations 
were generally made in seminars or events such as the one proposed by Canada and co -sponsors.  
2.27.  The representative of Canada  reiterated , in reference to comments made by some delegations  
on possible next steps after the seminar, that the proposal was to organize this seminar and this 
seminar only, and that there was no intention for additional work to move forward. The objectiv e 
was to allow for the sharing of experience and information among Members. There were multiple 
objectives for multilateral engagement, and experience and information sharing among Members 
was one important objective of multilateral work at the WTO. She ag reed with other Members on 
the relevance of paragraph 13 of the MC12 outcome document,  which  recognized women's economic 
empowerment and the linkage with inclusive economic growth. That, together with the World Trade 
Congress on Gender, showed that there w as strong  interest to look at issues related to women's 
economic empowerment in the context of all WTO committees. She looked forward to continuing 
working with Members on moving forward with the proposal.  
2.28.  The representative of India confirmed that her cou ntry would submit a more structured 
proposal on cross -border remittances for consideration by Members at the next meeting.  S/FIN/M/9 6 
 
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  2.29.  The Chairperson  said that further consultations on the proposal by Canada and co -sponsors 
were needed. He was of the view that Member s stood to gain from information sharing, as shown 
by the very interesting and relevant experience shared by India at this meeting. In addition, as 
shown by the MC12 outcome document,  the issue of women's economic empowerment was  of 
relevance to Members . His understanding of the debate was that the proposal by Canada and co -
sponsors did not preclude the inclusion of other related topics.  In that regard, i nitiatives such as 
India's, to submit a concrete proposal on a related issue were indeed welcome. In hi s view, all the 
proposed topics fell within the Committee's mandate. It was the responsibility of this Committee to 
address topical issues from the perspective of trade in financial services.   
2.30.  The Committee took note  of statements made and decided  to rever t to this at the next 
meeting.  
3  OTHER BUSINESS  
3.1.  No item was raised under Other Business  
__________  