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The Gats and Financial Services: Liberalisation and Regulation Inglobal Financial Markets

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Chapter Summary

This chapter analyses some of the main issues with respect to General Agreement on Trade in Services (GATS) and its application to cross-border trade in financial services and domestic regulation of financial markets. It discusses the origins of GATT and World Trade Organization. It then addresses the negotiations surrounding the adoption of 1997 Financial Services Agreement. It also analyses the relevant provisions of GATS and how it regulates trade in financial services. Particular emphasis is placed on specific legal obligations of WTO members to provide national treatment and market access to services suppliers of other WTO members. The chapter examines GATS Annex on Financial Services to ascertain the extent to which GATS trade liberalization principles are qualified by right of members to adopt regulatory controls for prudential reasons. It examines WTO dispute settlement process and what role it should play in determining the efficacy and validity of financial regulatory standards.

Keywords: dispute settlement; domestic regulation; financial services agreement; GATT; General Agreement on Trade in Services (GATS); global financial Markets; legal obligations; market access; trade liberalization; World Trade Organization (WTO)



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