Visa wants to ensure the electronic payment industry's access to foreign markets, to ensure that foreign governments maintain a competitive marketplace through transparent regulation, and to ensure that electronic payments providers maintain control over, and are able to freely move, information cross-border. 25
Bloomberg Financial Information Services believes the new approach to scheduling commitments will expand its level of access to countries markets, and wants no exemptions for financial information and data processing services. 26
1 http://www.wto.org/english/tratop_e/serv_e/finance_e/finance_e.htm
2 http://www.wto.org/english/docs_e/legal_e/26-gats_01_e.htm
3 http://www.wto.org/english/tratop_e/serv_e/10-anfin_e.htm
4 http://wto.org/english/tratop_e/serv_e/serv_commitments_e.htm
5 http://www.wto.org/english/tratop_e/serv_e/21-fin_e.htm
6 As of 2009, the 33 countries whose current schedules reference the Understanding include: Australia, Austria, Bulgaria, Canada, Czech Republic, Finland, Hungary, Iceland, Japan, Liechtenstein, New Zealand, Norway, Slovak Republic, Sweden, Switzerland, and the United States, as well as the European Communities members as of 1994 (Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain and the United Kingdom.) The only developing nations that utilized the Understanding were Aruba, Netherland Antilles, Nigeria, Sri Lanka (for banking not insurance), and Turkey. Additionally, eight countries (Cyprus, Estonia, Latvia, Lithuania, Malta, Poland, Romania, and Slovenia) were in the process of revising their commitments to match the EC schedule.
7 WTO Committee on Trade in Financial Services, 'Communication from Barbados: Unintended Consequences of Remedial Measures taken to correct the Global Financial Crisis: Possible Implications for WTO Compliance', JOB/SERV/38, 18 February 2011, para 3; discussed in 'Remedial actions to tackle crisis not WTO-compliant?', SUNS, No. 7116, 25 March 2011
8 Committee on Trade in Financial Services, Report of the Meeting held on 20 March 2013, S/FIN/M/76, 19 April 2013
9 Report of the Commission of Experts of the President of the United Nations General Assembly on Reforms of the International Monetary and Financial System, Preliminary Report, 2009, 87
10 Pierre Sauve and James Gillespie, 'Financial Services and the GATS 2000 Round' in Brookings-Wharton Papers on Financial Services 2000, 2000,http://www.brookings.edu/research/journals/2000/financial-services2000 430
11 US Trade Representative Ron Kirk, Remarks to the Coalition of Service Industries 2012 Global Services Summit, 19 September 2012
12 European Commission, "Negotiations for a Plurilateral Agreement on Trade in Services", Memorandum, 15 February 2013. Online at: http://europa.eu/rapid/press-release_MEMO-13-107_en.htm?locale=FR
13 The Agreement Establishing the WTO would require either a two-third or three quarters majority of Members to secure an amendment of this kind.
14 Carmen Reinhart and Kenneth Rogoff, 'Banking crises: An equal opportunity menace', Journal of Banking and Finance, 37, 2013, 4557-4573; Carmen Reinhart and Kenneth Rogoff, Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten, IMF Working Paper WP/13/266, December 2013
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