Financial services, 5th protocol to the GATS: results of the World trade Organisation negotiations WTO

The Committee adopted almost unanimously (with 1 vote against) the report by Peter KITTELMANN (EPP; D), under the consultation procedure, on the Council proposal on financial services under the World Trade Organisation (the 5th GATS protocol). The committee is recommending that Parliament approve this far-reaching agreement. It will ensure free market access and the equivalent of national treatment to foreign financial institutions in more than 95% of all worldwide trade in financial services. The volume of equity trading covered by liberalisation commitments alone represented US$ 14.8 trillion in 1996. Total banking assets in the countries that are parties to the agreement amounted to US$ 41.2 trillion in 1995. The agreement ensures that EU financial institutions can operate on similarly favourable conditions in third country markets to those for financial institutions from third countries on the EU internal market.�