All Members recognize that financial services are not only important in themselves, but also of significance to the rest of the economy. All branches of economic activity today are fundamentally dependent on access to financial services. Members also recognize that a healthy and stable financial system, underpinned by sound macroeconomic management and prudential regulation, is an essential ingredient for economic development.
An analysis of commitments carried out by some Members reveals that most of them cover the core services in insurance, banking and securities. Fewer Members have made commitments in areas such as insurance intermediation, brokerage, asset management, settlement and clearing services, and provision and transfer of financial information. Only about half of the Members which have commitment
Three WTO Members have yet to accept the Fifth Protocol to the GATS, namely Brazil, Jamaica and the Philippines. Under the agenda item on Recent Developments in Financial Services Trade, Malaysia provided additional replies to questions raised at previous meetings regarding its communication on "Challenges in the Financial Services Sector" (S/FIN/W/28). the OECD presented a document entitled "Managing request-offer negotiations under the GATS: the case of insurance services. Mi-yon LEE (Republic of Korea) as the new chairperson.
Organization RESTRICTED TN/S/W/17S/FIN/W/28
30 July 2003 (03-4050) Council for Trade in Services
Committee on Trade in Financial Services Original: English
COMMUNICATION FROM malaysia
Challenges in the Financial Services Sector
The attached communication has been received from the delegation of Malaysia with the request that it be circulated to the Council for Trade in Services in Special Session and the Committee on Trade in Financial Services.
Malaysia’s financial system has evolved over several decades against the backdrop of rapid changes in the economy and the international financial environment. Policies have been modified according to changing circumstances, to focus on developing an efficient and sophisticated financial system that can meet the financing needs of the economy as well as support national policy objectives. In this context, while Malaysia recognises that the openi
UPDATE TO THE ANNUAL REPORT OF 2002 OF THE COMMITTEE ON TRADE IN FINANCIAL SERVICES TO THE COUNCIL FOR TRADE IN SERVICES (2003)
1. Since its last annual report to the Council for Trade in Services, the Committee on Trade in Financial Services has held three formal meetings, on 2 December 2002, 26 February 2003, and 16 May 2003. Reports of those meetings are contained in documents S/FIN/M/38 to 40. In this period, the Committee addressed the following matters: the acceptance of the Fifth Protocol to the General Agreement on Trade in Services; technical issues; recent developments in financial services trade; and a presentation by the World Bank.
I. ACCEPTANCE OF THE FIFTH PROTOCOL TO THE GATS
2. In the period under consideration, Dominican Republic, Poland and Uruguay informed the Committee that they had concluded their domestic procedures and would be in a pos