The liberalization of trade in insurance services

    Prepared by the ICC commission on : 
    Publication date : 13/05/2005 | Document Number : 113/154

    ICC recognizes that the 1997 Financial Services Agreement was an important first step in achieving trade liberalization and market access in financial services.

    The Doha Development Agenda provides a unique opportunity for further insurance market liberalization among WTO members. The arguments in favour of the elimination of restraints on foreign participation in financial services have been well rehearsed and the economic benefits of market access in both developed and developing economies are recognized. Insurance liberalization, successfully managed, will help to attract foreign insurers´ direct investment and drive development in insurance services, in turn spurring sustainable overall economic development and financial security and thus contributing to combat poverty. The Doha Development Agenda negotiations should be seen as an opportunity to build on past achievements.