Agreement Establishing the World Trade Organization
Decision on Financial Services
Ministers,
Noting that commitments scheduled by participants on financial
services at the conclusion of the Uruguay Round shall enter into
force on an MFN basis at the same time as the Agreement Establishing
the World Trade Organization (hereinafter referred to as the "WTO
Agreement"),
Decide as follows:
1. At the conclusion of a period ending no later than six months
after the date of entry into force of the WTO Agreement, Members
shall be free to improve, modify or withdraw all or part of their
commitments in this sector without offering compensation, notwithstanding
the provisions of Article XXI of the General Agreement on Trade
in Services. At the same time Members shall finalize their positions
relating to MFN exemptions in this sector, notwithstanding the
provisions of the Annex on Article II Exemptions. From the date
of entry into force of the WTO Agreement and until the end of
the period referred to above, exemptions listed in the Annex on
Article II Exemptions which are conditional upon the level of
commitments undertaken by other participants or upon exemptions
by other participants will not be applied.
2. The Committee on Trade in Financial Services shall monitor
the progress of any negotiations undertaken under the terms of
this Decision and shall report thereon to the Council for Trade
in Services no later than four months after the date of entry
into force of the WTO Agreement.
Continue on to Decision on Negotiations on Maritime
Transport Services
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