2. Notwithstanding Article XIII of the agreement, each member ensures that the financial service providers of any other member established in its territory receive the treatment of the most favoured nation and the indid treatment of the acquisition or acquisition of financial services by the member`s public bodies on its territory. The General Agreement on Trade in Services (GATS) was one of the major achievements of the Uruguay Round and is now an integral part of the legal framework of the World Trade Organization. The GATS covers all service sectors, including financial services, and includes two components. The first element is the regulatory framework applicable to all WTO members; the second is the timetable for specific commitments. 10. Each member endeavours to eliminate or limit the significant negative effects on another member`s financial service providers: 8. No member takes steps to prevent the transmission of information or the processing of financial information, including the transmission of data electronically, or to prevent the transmission of equipment, subject to import conditions that comply with international conventions. when such information is transmitted, financial information processing or equipment transfer is necessary for the activity of a financial services provider. Nothing in this paragraph limits a member`s right to protect personal data, privacy and the confidentiality of individual records and accounts until that right is used to circumvent the provisions of the agreement. > overview of the WTO secretariat`s negotiations on financial services in 1995 and 1997 on financial services (1997): opening up financial services markets and the role of GATS.
Consolidated information on countries` financial services commitments and exceptions can be found in the services database. If you aspire to the obligations of a particular WTO member, go to “Jump to a particular sector for a particular member,” select financial services from the industry drop-down list, select the member who is of interest and click “Go.” To see a table showing which members have made financial services commitments, select “Look at which members have made commitments in a particular sector,” financial services and click “Walk.” (a) a financial service is a financial service provided by a member`s financial services provider; Financial services cover all insurance and insurance services as well as all banking and other financial services (excluding insurance). Financial services include: “After two and a half years, all governments will be able to review their positions. Some may feel able to go further in their commitments after this period, and it is to be hoped that the United States will then feel able to return to the multilateral framework of the MFN if it does not do so sooner. In any event, this is only the beginning of a process of gradual liberalization in the financial services sector. We will resume negotiations across the service sector within five years. This will be a valuable opportunity to build on today`s undisputed success. Links with other international financial services organizations: the protocol, along with the new timetables for financial services, can be adopted until 30 June 1996, so that members have time to agree on internal ratification procedures. The protocol, and therefore the commitments, will come into force 30 days after the adoption by all concerned members.