ICC statement on the WTO financial services agreement

Paris, 15 December 1997

The International Chamber of Commerce, the world business organization, warmly welcomes the successful conclusion of the negotiations to liberalize cross-border trade in financial services. The ICC has itself pushed hard for this result, which will improve significantly the potential for raising productivity and living standards the world over.

In particular, the ICC believes that this path-breaking accord should help in the task of restoring confidence and stability in the financial markets of east Asia, and in encouraging the return of capital to this troubled region. These effects can be expected to start working through before the agreement becomes operational in March 1999. This is a timely agreement that should provide powerful impetus to world economic growth.

The ICC congratulates the negotiators, and particularly those from east Asian nations. It also congratulates the WTO on a third major achievement in the past year, following agreements to liberalize trade in information technology products and in telecommunications services. The multilateral trading system is proving to be in good hands in this youthful institution.