 WTO accord should help restore confidence in
east Asian markets
Paris, 15 December
1997–
The International Chamber of Commerce welcomed the global financial services
agreement reached at the weekend as an achievement that should help to restore
investor confidence in east Asian financial markets and boost world economic
growth.
A statement by the world business organization said opening up restricted financial
markets to foreign competition under the agreement negotiated at the World Trade
Organization in Geneva would significantly improve the potential for raising
productivity and living standards throughout the world.
"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."
The ICC, which has thousands of member companies and associations in more than
130 countries, congratulated the negotiators, and particularly those from east
Asian nations on what it described as "a timely agreement that should provide
powerful impetus to world economic growth".
It also congratulated 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 t
his youthful institution," the ICC statement
concluded.
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