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Annex on Financial Services

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Chapter Summary

The Annex on Financial Services (FS) is an integral part of General Agreement on Trade in Services (GATS), binding on all World Trade Organisation (WTO) Members according to Art. XXIX. Financial services relate mainly to insurance, banking, and securities services. GATS defines financial services" broadly, so as to include a wide array of activities, including services such as acceptance of deposits, direct insurance, stock trading, issue of credit, financial consulting. Regulation of financial services is of paramount importance because the financial sector acts as the central nervous system" of a national economy and the world economy. The Committee on Financial Services carries out tasks as assigned by the Council for Trade in Servcies (CTS) and consults with Members, as necessary, on the Annex FS.

Keywords: Art. XXIX; financial services (FS); GATS; World Trade Organisation (WTO) Members

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