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1 [i] (2003)

handle is hein.amenin/aeiaclu0001 and id is 1 raw text is: AEl STUDIES ON SERvICES TRADE NEQonATnoNS ............ ... ............... .... ............. ....... ..... ..... ..... ..... ... ..... ..... ... ..... ..... ..... ..... .... ..... ..... ..... ..... ..... ..... ....... ..... ..... ...... . .. ...... 0 . ..... D , AND FINANCIAL SEPVICEs NEGOTIATIONS ............................................................ ........................................................................................ Sydney J. Key In this study, Sydney J. Key provides a unique framework for analyzing the role of the General Agreement on Trade in Services (GATS) and the World Trade Organization (WTO) in the liberalization and regulation of the financial services sector. Throughout, she emphasizes the complementary and mutually reinforcing relationship between efforts to open markets under the GATS and the intensive ongoing international work on strengthening domes- tic financial systems, including prudential regulation and supervision. Key's study identifies six broad goals for the financial services negotiations in the Doha round. Four of the goals involve what she terms first-pillar liberalization, aimed at achieving national treatment and market access. These include binding existing and ongoing liberalization and narrowing or withdrawing broad most-favored-nation exemptions. The final two goals involve second-pillar liberalization, aimed at removing nonquantitative and nondiscriminatory structural barriers. This requires strengthening GATS dis- ciplines on regulatory transparency and removing barriers to effective mar- ket access. Key concludes that success in achieving the goals discussed in this study depends significantly on factors beyond the scope of the Doha round negotiations, but she emphasizes the important role the negotiations can play in helping to accelerate the process of liberalization of trade in finan- cial services. The Doha Round and Financial Services Negotiations is one in a series of new AEI studies on negotiations to liberalize trade in services. Each study focuses on a particular service sector, identifies the major obstacles to liberalization in that area, and presents policy options for trade negotiators and interested private-sector participants. Sydney J. Key is on the staff of the Federal Reserve Board's Division of Inter- national Finance in Washington, D.C. She is the author of numerous articles and studies, including Financial Services in the Uruguay Round and the VTO. ........ ............................. ................................... ........... .............................. .................. ............. .......... ...................... ................. . ........ ......... ........ ....... ........ ............. ............. ................... ...................... ........ ............. ............. ...................... .......... .................... ........ ............. .... ......... ................. ............. ......... ...................... .................... .......... . ......... ........... ............... ....... ........... .. .... ........ ............. ........ .............. .............. ..... ................. .. ....... ........................ ................. .... ......... ........ .............. .. ....... ........................ .......... .... ......... .. ... ........ .............. ........ ........................ - ............... .. ....... ........................ .............. ............... .. ....... ........................ .................... .. .... ........... ........ ............ ............ ............ ........ ... ....... .. .............. .............. ... ....... ........................ .. ........ ........ ............ ............ ........ .............. .............. .............. . . ........... .............. ... ....... ........................ ................. .... ........ ........ ............. ............. ............. .... .. .. ........ ...... ....... .............. ............ .............. .... ....... ........................ ................. .... ....... ....... ............. ............. ............. ........... ............. ............

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