Copyright 1995 NLCIFT



Title:DECISION ON FINANCIAL SERVICES



                 DECISION ON FINANCIAL SERVICES


     Ministers, meeting on the occasion of the conclusion of the
Uruguay Round.

     Noting that commitments scheduled by participants on
Financial Services at the conclusion of the Uruguay Round, shall
enter into force on an m.f.n. basis at the same time as the
General Agreement on Trade in Services.

     Decide as follows:

1.   At the conclusion of a period ending no later than six
months after the entry into force of the Agreement Establishing
the MTO, without offering compensation, 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 GATS.  At the same time Members
shall finalize their positions relating to m.f.n. exemptions in
these sectors, notwithstanding the provisions of the Annex on
Article II Exemptions.  From the date of entry into force of the
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 entry into force
of the Agreement.