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Understanding on Commitments in Financial Services

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Chapter Summary

The Understanding on Commitments in Financial Services (Understanding") is a part of the Final Act of the Uruguay Round but not of General Agreement on Trade in Services (GATS), as are the Annexes to GATS according to Art. XXIX. The Understanding has a unique legal status within the World Trade Organisation (WTO). Art. XIII exempts government procurement of services for governmental, non-commercial purposes from the disciplines of most-favoured-nation (MFN), market access, and national treatment. Regarding the cross-border mode of financial services supply, the Understanding requires a Member which has committed itself to the Understanding to permit non-resident suppliers of financial services, whether as a principal, through an intermediary, or as an intermediary, to supply certain financial services.

Keywords: Art. XXIX; financial services; GATS; most-favoured-nation (MFN)



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