RESTRICTED  
  
S/FIN/M/98  
 
7 August 2023  
(23-5392) Page: 1/14 
Committee on Trade in Financial Services  Original: English  
 
REPORT OF THE MEETING HELD ON 15 JUNE  2023 
NOTE BY THE SECRETARIAT1 
The Committee on Trade in Financial Services held a meeting on 15 June  2023, under the 
Chairpersonship of Mr Pedro Bravo  (Peru). The agenda was contained in document 
WTO/AIR/CTFS/1 5. Prior to the meeting, an annotated agenda had been circulated in document 
JOB/SERV/CTFS/5.  
1  FINANCIAL SERVICES: TRADE, INCLUSION AND ACCESSIBILITY – ANNOTATED AGENDA 
AND PROGRAM OF THE THEMATIC SEMINAR  (JOB/SERV/CTFS/ 4 AND ADD .1) 
1.1.  The Chairperson  said that, as agreed at the previous meeting, the Committee held a seminar 
on "Financial Services: Trade, Inclusion and Accessibility" on 14 June. The agreed annotated agenda 
and the program for the seminar had been distributed in documents JOB/SERV/CTFS/4 and 
JOB/SERV/CTFS/4/Add.1, respectively.  
1.2.  He explained that the purpose of this agenda item was to report on the issues addressed at 
the seminar and to give all Members the opportunity to share a dditional information or national 
experiences relevant to the issues addressed at the seminar.   
1.3.  The Chairperson considered that the seminar had been a success, as evidenced by the very 
positive reactions and comments received not only from the audience but  also from speakers, who 
all appreciated the variety and breadth of the program. Through presentations by academics, 
national experts, international officials and representatives of the private sector, the seminar 
addressed a wide spectrum of topics, such as the status of financial inclusion throughout the world; 
the economic causes and effects of financial inclusion; the role of trade in financial services – and 
trade policy on financial services – in promoting financial inclusion; the new business models and 
ways of providing financial services in an inclusive way; the initiatives taken by the international 
community and by governments to foster financial inclusion; the work programs of international 
organizations, such as the OECD, the World Bank and the Bank for International Settlements, on 
financial inclusion; the financial inclusion of women, as a means to promote the empowerment of 
women and gender parity; the use of trade policy, especially in financial services, to promote gender 
parity and the empo werment of women; the role of digital technology in promoting financial 
inclusion; and the role of regulation in promoting financial inclusion.  
1.4.  The Chairperson said that, at the end of the seminar, he delivered some final remarks 
summarizing, from his pers pective, the main messages heard during the event. He took the 
opportunity of the meeting to reiterate those concluding remarks for the benefit of all Members:  
"1) First, financial inclusion has feature d prominently in the policymakers' agenda for the 
financial sector at both the national and international levels , since the turn of the century . 
We heard in that regard the respective work programs of the BIS, OECD , and World Bank , 
for example, focusing on different mandates and aspects of the financial inclu sion agenda. 
We have only skimmed the surface of international initiatives , but the presentations today 
emphasized the variety of issues that need to be addressed in order to promote financial 
 
1 This document has been prepared under the Secretariat's own responsibility and is without prejudice 
to the positions of Members or to their rights and obligations under the WTO.  S/FIN/M/9 8 
 
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  inclusion. As mentioned by the BIS representative, even digital  crypto currencies are 
being discussed in this context.  
2) Financial inclusion is a multidimensional issue where supply, demand , and affordability  
andquality  factors interact. Financial inclusion depends not only on expanding the supply 
of financial services but also on working on the demand, in particular through financial 
literacy and consumer protection initiatives. With regard to the latter, we heard a ver y 
informative presentation by the OECD on its work on financial literacy and consumer 
protection.  
3) Addressing a multidimensional issue like this one requires multidimensional objectives 
and policies. I noted with interest the point made by Mariela Zaldivar that promoting 
financial inclusion requires promoting the development of financial competences in the 
population, developing various delivery channels, efficiently assessing the needs of the 
population, improving infrastructure, and, importantly, foster ing coordination between 
the public sector, private institutions , and civil society.  
4) Financial inclusion has made enormous progress in the last decade, primarily driven 
by digital innovation. However, a lot remains to be done. In that regard, in o ne of the 
sessions, the seminar zoomed in on the situation of women. The point was made that 
greater equality has tangible benefits, notable expanded workforce, higher wages, 
entrepreneurship, and economy strengthening. However, as shown by recent data on 
women and the law collected by the World Bank, globally (albeit with regional 
differences) , women still enjoy just a share of the legal rights afforded to men. Laws and 
regulatory frameworks that prohibit discrimination in access to credit, for example, he lp 
promote women's entrepreneurship. Gender equality is key to boosting financial 
inclusion.  
5) We heard interesting presentations by Canada and Mauritius on their national 
initiatives to promote gender equality and women 's economic empowerment in particu lar. 
We saw in practical terms, in Sabila's presentation, that women's economic 
empowerment and financial inclusion require moving on different fronts. A clear question 
was raised: how should trade agreements evolve to accelerate gender parity and boost 
women's participation in trade and finance. We saw in that regard the initiatives taken 
by Canada to address gender -related issues in trade negotiations covering financial 
services trade – initiatives that provide for non -discrimination on gender grounds but  also 
seek to ensure or allow parties to promote women's participation in financial institutions 
boards of directors. We heard in that regard from Mauritius, which is studying the option 
of imposing further women 's representation on company boards through  specific quotas.  
6) Trade in financial services, both on a cross -border basis and through commercial 
presence, can play an important role in the promotion of access to financial services. But 
foreign participation is not a silver bullet. Traditional banks,  for business reasons and due 
to their business models and regulatory requirements, may not cater enough to the 
underserved. Therefore, other types of institutions are needed, and therefore regulatory 
requirements need to be adapted with that objective in mind. We saw , however, in the 
first session, examples of trade in financial services at play – for example, commercial 
microfinance institutions, mobile money operators, digital or virtual banks, and even 
transnational credit bureaus. Moreover, innovative services and products, such as Central 
Bank digital currencies, may also be leveraged to promote financial inclusion, as explained 
by the BIS.  
7) Regulation matters in many other ways: by allowing new business models to flourish 
or by supporting the develo pment of a financial ly inclusive financial sector. But the impact 
of regulation on the implementation of financial inclusion also needs to be addressed, as 
exemplified by the BIS presentation.  
8) A final point on technology. It has become clear that techn ology has become crucial 
to promot ing and actually achiev ing financial inclusion. We have just heard very 
interesting presentations from India, the Philippines , and Thailand on their respective 
experiences leveraging technology for financial inclusion. And  allow me to come back full S/FIN/M/9 8 
 
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  circle to something that bec ame clear throughout the seminar, that is, the fact that 
technology is disruptive and requires the adaptation of regulatory frameworks, whether 
with regard to new financial services and institution ty pes or with regard to payments, 
just to name a few examples.  
9) I'd like to leave those thoughts with you. It is my view that members should continue 
discussing these issues. The seminar provided us with a broad and meaningful overview 
of the main issues involved in financial inclusion and access to financial services and 
allowed us to better understand how international trade in financial services actually 
contributes to the accessibility of financial services. Or the potential that trade in financial 
services has to further contribute to enhancing access to financial services. As a 
suggestion, I would like to encourage you to continue reflecting on and discussing these 
issues  from the perspective of trade in financial services.   
10) Finally, I would like to thank all speakers for their insightful presentations and taking 
the time to participate in the seminar. I  would  like to thank the Secretariat for the 
organization of the seminar in a rather short time and putting together a very interesting 
program. An d finally, I'd like to thank all of you for your interest and participation and 
for making this seminar a success. " 
1.5.  These were , in his view , the main messages heard during the seminar. He noticed in that 
regard, both during and after the seminar, the great interest that these issues generated  in a large 
number of Members. Indeed, the seminar provided a unique opportunity to address a wide vari ety 
of topics and perspectives related to financial inclusion on the same occasion. However, precisely 
because of the breadth and variety of the program, none of these topics could be considered 
exhaustively. All these issues may be addressed from the pers pective of trade in financial services 
within the Committee's framework of competence. In his view, if the Committee were to abandon 
this discussion at this stage, truncated, Members would lose the opportunity to deepen their 
knowledge and understanding o f this broad subject. Members would also miss the opportunity to 
bring the unique perspective of the WTO and of trade in financial services to these issues. For this 
reason, he thought it pertinent to open a debate on the issues raised at the seminar with a  view to 
focusing on those that elicited the greatest interest from the perspective of trade in financial services. 
Without pretending to be prescri ptive,  he invited Members (i) to share their experiences and points 
of view on the  issues  covered by the sem inar and even highlight issues or perspectives that the 
Chairperson may have inadvertently omitted; (ii) to outline which of these issues  could be the 
subject of further discussion; and (iii) to suggest how the Committee could address these issues . 
1.6.  The rep resentative of China  said that the seminar was a success  and congratulated the 
Chairperson and the Secretariat for the organization of the event . In China's perspective, the sharing 
of national experiences on financial inclusion  would benefit the membership and help stimulate the 
discussion in th e Committee.  
1.7.  Turning to China's national experience, he said that China attached great importance to 
financial inclusion.  The Chinese government h ad always adhered t o a people -centred development 
philosophy , continuously promoting the high -quality development of inclusive finance  and 
establishing a modern financial system that is highly adaptable, competitive , and inclusive in order 
to better meet the diversified financial needs of the public and the economy . China's inclusive 
financial development achieved positive outcomes and played an active role in supporting the 
construction of a moderately prosperous society in all respects. In that regard, he highlighted four 
aspects.  
1.8.  Firstly, basic financial services  achieved wide coverage in regions and among different 
population groups in China. Bank branches and insurance services covered the vast majority of 
villages and towns. Financial services such as small -scale deposits and withdrawals, payment 
settlements, a nd fund transfers ha d been extended to almost all administrative villages, and such 
services  had become m ore accessible to market entities and the general public through digital 
channels. As of the end of October 2022, the balance of loans to MSMEs in China had reached 
58.2 trillion yuan (about 8.14 trillion USD). The balance of inclusive loans to MSMEs (individual credit 
lines below 10 million yuan)  reached 22.9 trillion yuan (3.20 trillion USD), with an average annual 
growth rate of 24.4% over the past 5 years. In the first 9 months of 2022, agricultural insurance 
provided risk protection exceeding 3.6 trillion yuan (500 billion USD) for 150 million  farming 
households. Critical -illness insurance  coverage  had reached 1.22 billion urban and rural residents.  S/FIN/M/9 8 
 
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  1.9.  Second, specialized mechanisms for inclusive financial services  were gradually taking shape. 
Large and medium -sized banking instit utions we re emplo ying various measures to build specialized 
mechanisms for inclusive financial management. Local financial institutions were leveraging their 
own positioning and using their interpersonal and geographical advantages to enhance their service 
capabilities.  Third, the efficiency of digital services continue d to improve. Driven by the progress of 
technology, financial institutions were actively using technologies such as the internet and big data 
to expand their business scope, reduce service cos ts, and introduce innovative  service models. 
Digital payment, savings, credit, insurance, and other businesses ha d developed rapidly. According 
to an IMF report, China's mobile payment development  was at the forefront worldwide.  
1.10.  Fourth, the infrastructure and financial environment were continuously improving. The credit 
information sharing and risk -sharing compensation mechanisms had been strengthened. The legal 
framework and basic platforms were gradually improving, as well as consumer prote ction 
mechanisms. Focusing on supporting enterprises in difficulty, stabilizing  the economy , and ensuring 
livelihoods, monetary, fiscal, taxation , and regulatory policies had been  strengthened  in a 
coordinated manner with a view to providing stronger suppo rt to MSMEs, the agriculture sector , and 
other key areas relevant from a financial inclusion perspective.  
1.11.  Many measures that China ha d taken with a view to enhancing financial inclusion were similar 
to the measures and policies taken by many other  Members , especially those who had made 
presentations during the seminar.  
1.12.  Among the issues  addressed by the seminar, he said that the digitalization of financial 
technologies was an issue on which Members could further share experience or deliberate . While the 
issue was the subject of a session at the seminar, he said that this was one of the most relevant 
topics that th e Committee could address. He encouraged Members to s hare their national 
experiences  in that area. He also expressed the hope that Members might further discuss what the 
WTO – and this Committee in particular – could do to help Members adapt t o the digitiz ation of 
financial technology, and  how Members could better leverage the digital technologies to promote 
financial services and advance financial inclusion  domestically and worldwide.  
1.13.  The representative of Egypt  congratulat ed the proponents  for the successful thematic 
seminar. She highlighted that financial inclusion was a priority area in the Egyptian Government 's 
"Sustainable Development Strategy : Vision 2030." This had been  further showcased in  the Financial 
Inclusion Strategy  2022–2025 i ssued by the Central Bank of Egypt.  The indicators of the financial 
inclusion database established by the Central Bank  recorded a significant increase in financial 
inclusion between 2016 and June 2022, achieving a growth rate of 131 % and bringing the total  
number of consumers owning transactional accounts  to 39.6 million , which represented 60.6% of 
the total  eligible population (population above 16 years of age). Moreover, with a view to expanding 
the use of digital financial services, in March 2022, the Central Bank launched a new open banking 
system that facilitate d immediate transfers and payments between account holders of participating 
banks. Ten banks ha d already joined the open banking system, allowing their customers to perform 
banking operations aft er hours. The Central Bank waived transaction fees until June 2022 to 
incentivize use.  
1.14.  Turning to the questions raised by the Chair, she said that Egypt saw merit in  Members'  
sharing their experiences and in hearing national and international perspectives on how developing 
countries could promote and develop their  Fintech sector. Experience sharing would also allow 
Members to learn about challenges facing developing countries and  explore cooperative approaches 
to developing this important sector.  Egypt looked forward to further experience sharing by Members 
on these topics in the Committee.  
1.15.  The representative of Canada  thanked the Secretariat for the excellent organization of the 
seminar  and for making the program dynamic, wide -ranging , and engaging. She expressed her 
satisfaction to see s uch broad participation from Members, the private sector, academics,  and 
international org anizations. Canada's prime motivation was to get to the point of having a useful 
information sharing  session  among Members  so as to explore different ideas, approaches, programs  
and methods. In her view, the seminar already met Canada's initial intent, and her delegation was  
satisfied with the work done thus far. She was ve ry pleased to hear that Memb ers might wish to 
discuss additional issues. Canada remained open to discussing other topics that Members m ight wish 
to deepen . S/FIN/M/9 8 
 
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  1.16.  The representative of  Thailand  expressed her appreciation to Canada and co -sponsors f or 
initiating this proposal and to the Secretariat for organizing the seminar. She found the thematic 
seminar very comprehensive and useful , allowing Members to learn about different perspectives and 
policies on financial inclusion. The seminar also provided an opportunity to share Thailand's own 
experience in building a digital infrastructure for financial inclusion that would enable businesses and 
SMEs to trade more efficiently both domestically and a cross borders.  Thailand looked forward to 
further discuss ing issues related to the use of digital technologies in financial services as a means 
of expand ing financial inclusion. Thailand also remained open to discuss ing other topics that 
Members might prop ose, either in formal or informal settings, with a view to reinvigorating 
discussions on these important issues in the Committee.  
1.17.  The representative of  the Philippines  thanked the Chairperson for the comprehensive 
summary of the seminar. He also thanked Canada for initiating this proposal and leading the 
discussion on financial inclusion, and the Chairperson for allowing Members to reach a consensus on 
the organization of the seminar. He also thanked the S ecretariat for organizing and running the 
event . He drew Members' attention to the presentation by the expert from the Philippines, who 
share d his country's experience in this area. He then highlighted the main takeaway s from his 
perspective. In that regard, he said that the seminar provided a holistic assessment of the economic, 
regulatory and policy landscape , and highlighted how financial inclusion c ould transform people's 
lives and impact economies. The financial ser vices sector was evolving at a very fast pace. He 
showed interest in the Committee further leveraging this trajectory. He said that i t would be 
interesting to further explore how the regulatory landscape had evolved. In his view, the Committee 
should conti nue the discussion on financial inclusion. He noted in that regard that financial inclusion 
was a cross -cutting issue and that the Committee needed to collaborate with other multilateral 
organizations and processes. The Committee should also remain cogniza nt of developments at the 
regional level. As mentioned by other Members, digitalization was a very interesting topic , and had 
strong links with other areas of work at the WTO. The Philippines would be very pleased to engage 
in further discussions related t o digital technology in financial services, the so -called neo -banks , and 
mobile money, all of which pointed to the strong nexus between telecommunication services and 
financial services. He encouraged Members to follow up and collaborate further along thes e lines.  
1.18.  The representative of Saudi Arabia  said that the seminar was very successful. Members 
benefitted from useful information and experiences shared  by other Members, academics , and 
experts from the private sector and international organizations. She thanked Canada and 
co-sponsors for reinvigorating discussions in this Committee. She also thanked the Secretariat for 
organizing the seminar.  
1.19.  The Kingdom of Saudi Arabia attache d great importance to financial inclusion , especially 
through the promotion of FinTech services . SAMA  (Saudi Arabian Monetary Authority), the Central 
Bank of the Kingdom of Saudi Arabia, alongside  CMA (Saudi Arabia 's Capital Market Authority) , 
provided extensive support for budding local businesses , allowing  them to securely test new digital 
financial technologies within a single sandbox environment and FinTech lab. This gave FinTech 
startups an opportunity to reveal the most actionable business models and services like peer -to-peer 
transfers, e -Wallets, and international payments.  However, to create a holistic FinTech ecosystem 
and ensure the sector 's stable growth , other play ers and stakeholders, such as research institutions 
and universities, investors and business incumbents, users of digital financial services, and 
technology firms and vendors , had been encouraged – and had committed to – further participate 
in the developm ent of the digital financial hub in Saudi Arabia.  
1.20.  The FinTech sector in Saudi Arabia  had shown remarkable progress. The d igitalization of 
financial services served as a robust tool to  accelerate financial inclusion  and thus improve overall 
economic growth.  The Vision 2030  goals aimed at transfo rming Saudi Arabia into th e region 's most 
attractive financial destination.  To achieve financial stability goals while reaching the underserved, 
SAMA and other government authorities , together with the G20 Global Partnership for Financial 
Inclusion ( GPFI) and the World Bank Group , had  identified the three groups in Saudi Arabia that 
require d all-in assistance and support through digital banking services and regulatory incentives in 
order to improve their financial inclusion : women, the youth , and SMEs . 
1.21.  She then turned to the Chairperson's questions on issues that might be further discussed in 
the Committee . In that regard, Saudi Arabia was of the view that exploring the challenges and 
opportunities facing youth and women in developing countries and LDCs was crucial. In that regard, 
initiatives should be put in place to allo w women and the youth to become tech-savvy as soon as S/FIN/M/9 8 
 
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  possible to be capable of driving technology innovations countrywide. In addition, it was imperative 
to have a government -backed regulatory strategy for the smooth development and launch of SMEs' 
FinTec h projects.  There were also some other vulnerable groups that still did not have access to 
cutting -edge digital financial services.  Members needed to  focus on these categories as they require d 
assistance in enhancing financial inclusion. These categories included low-income groups, 
less-educated individuals, persons outside the labo ur force, and those living in remote and rural 
areas.  
1.22.  The representative of  the United States  thanked the Chairper son for his helpful recap of the 
seminar and for his guiding questions for the meeting. He then shared a few thoughts on the seminar 
and attempted to answer the Chair's questions. The seminar was very interesting. He was personally 
surprised at the sheer  number of inclusion challenges. It was remarkable to see how many 
cross-cutting issues were at play. It was not surprising that the discussion veered outside the 
financial services sector and into  other  broader areas. In his view, this was an area wh ere Members 
at different levels of development shared many common challenges, making it ripe for broad 
cooperation in the WTO. It was interesting to see how different  Members were following different 
approaches a dapted to their unique circumstances . He not ed with interest the contribution s of 
Members, including India, Mauritius, Peru, the Philippines , and Thailand, who shared their national 
experiences at the seminar. He took the opportunity to thank Canada and co -sponsors for the 
manner in which they carried out this program: they put together a detailed proposal, shared it with 
all Members, and worked with them to make it something relevant to all. Every Member was able to 
contribute. He also thanked the Chairperson for carefully getting t he seminar's program off the 
ground and the Secretariat for the preparation of a multifaceted seminar's program.  
1.23.  The representative of Australi a congratulated all those involved in the organization of the 
successful seminar : the Chairperson, Canada and co -sponsors, the Secretariat , and the speakers. 
Trade's role in financial inclusion was exactly the kind of topic that the Committee should examine . 
He echoed the United States in noting the value of examining the breadth of financial inclusion 
challenges  facing countries at different levels of development . The seminar's format was consistently 
appropriate to the content.  His delegation was particula rly taken by  the questions raised in the first 
and third sessions around the specific geographical uptake of certain new financial services products 
and technologies in particular regions . He highlighted in that regard the case of de veloping 
economies that  had in many ways leapfrogged past the traditional infrastructure -based approach of 
developed economies, often in ways that responded to local circumstances to enhance  financial  
inclusion. All economies may have something to learn from these experiences.  Australia did not have 
a firm idea yet on follow -up initiatives, as it was  still reflecting on the broad and rich presentations  
at the seminar , but considered that the seminar had provided a n evidence base to further explore.  
1.24.  The representative of the European Union  thanked Canada for initiating the idea for th e 
seminar,  as well as the Chairperson and the Secretariat for organizing a thought -provoking  event 
that allowed for a very useful exchange of information on policies, strategies , and projects and on 
the response to challenges in the areas of financial inclusion and accessibility. Every sector of the 
economy and any form of trade , whether traditional or over digital means, were dependent on a 
well-functioning financial services sector and on busines ses and consumers having secure access to 
financial payment systems. The European Union n oted with interest the number of pertinent points 
made  and reflected in the Chair's report, including , for example , the use of digital technology in 
financial services , the need to address the gender gap through public policy, the need to fuel 
competition and choice via the reduction of regulatory barriers to entry and the facilitation of access 
to infrastructure, and the need to promote the financial literacy of consum ers and investors so as to 
enable them to make informed choices.  
1.25.  The European Union also appreciated the session that discussed the importance of women 's 
economic empowerment and its contribution to inclusive and sustainable economic growth and trade 
– this issue had also been acknowledged by Ministers in the MC12 outcome document, noting the 
different contexts , challenges , and varying levels of capability among Members. This had come 
through very clearly in the seminar, through presentations that highlighted different legislative 
initiatives, policy responses , and statistical evidence. In terms of further work, the E uropean Union 
remained open to discuss ing ideas falling within the Committee's mandate and responding to 
Members' specific interest s. Regarding the format for discussions, the European Union suggested 
holding thematic sessions on targeted issues  as an option for consideration.  S/FIN/M/9 8 
 
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  1.26.  The representative of Chinese Taipei  said that t he seminar was a success and congratulated 
Canada and co -sponsors for the initiative. Regarding future work, he echoed other Members and 
expressed his delegation's particular interest in further discussing developments regarding financial 
technology and ho w its adoption could help Members promote inclusive growth and access to 
financial services. These issues could be further discussed under the aegis of the Committee. He 
added that Chinese Taipei was willing to share its experience in this area.  
1.27.  The repres entative of the Republic of Korea  thanked the Chairperson for his summary of the 
seminar. He also thanked the Secretariat for the organization of the seminar. He reminded Members 
that Korea had co -sponsored the proposal to hold the thematic seminar held on 14 June. The seminar 
was very info rmative at an advanced level. It featured a diverse panel of experts who provided 
comprehensive insights and country perspectives on the latest trends in the promotion of financial 
inclusion, the economic effects of inclusive practices, the use of digital technologies to enhance 
financial accessibility , as well as different aspects of financial inclusion from a gender perspective. 
He added that Korea was open to further discussions on topics addressed at the seminar, including 
in particular the issue of dig ital financial technology.  
1.28.  The representative of South Afric a thanked Canada for initiating the thematic discussion and 
accommodating different interests on the program. In her view, the seminar was like an introduction 
chapter in a book. It was necessary to delve into more detailed chapters or discussions. South Africa 
was impressed by the qu ality of the presentations . Three presentations stood out. Firstly, D IN 
Consultants ' presentation on women -owned SME s' engagement in trade and the role of fi nancial 
services in closing  the financing gap faced by these  firms. The presentation also highlighted the role 
of philanthropic capital , an issue that deserved further discussion, focusing especially on how banks 
and other financial services providers were integrating philanthropic services in to their offerings. A 
lot could be learned about  how philanthropic capital and investments were operating and impacting 
women in trade. Secondly, the presentation from the BIS briefly highlighted  the role  of remittance s 
in financial inclusion , an issue that merited further discussions going forward.  Thirdly, her delegation 
appreciated the WTO Secretariat 's presentation on mobile money operators in Africa. However, what 
was peculiar about the presentation, and on which f urther elaboration would be warranted, was 
whether and to what extent African M obile Money Operators (MMOs) were restricted in exporting 
their financial services to other markets outside the continent. She indicated that the WTO slides did 
not capture the use of MMO services , especially in North America and Europe, both continents 
housing millions from the African diaspora including African immigrants who were remitting money 
back into Africa. In South Africa's view, this was an interesting financial services value chain 
deserving of further discussions in the CTFS.  
1.29.  With respect to South Africa 's experience in advancing financial inclusion, various government 
initiatives  were underway . In that regard, she highlighted one of them, driven by the Financial Sector 
Conduct Authority 's Financial Inclusion Strategy , which  focusse d on access, usage and qu ality. Its 
objectives include d: (a) promoting supply of appropriate financial products and services to SMME 's, 
including (b) supporting small financial service suppliers who typically serve lower income customers 
with simple and affordable products. She ad ded that her delegation was of the view that these 
themes were highly relevant for advancing work on financial inclusion and worthy of further 
discussion in the CTFS.  
1.30.  The representative of India thanked the Chairperson and the Secretariat for organizing th e 
thematic seminar. She also thanked Canada and co -sponsors for bringing up this topic for discussion  
and for taking India's suggestions on the program on board . The seminar showed very interesting 
presentations from a variety of participants, allowing for a global perspective. Interestingly, financial 
inclusion was addressed in broad terms, touching upon the different business models, national and 
international initiatives, gender parity issues, the role of digital technology, financial literacy, 
competition issues, and regulatory frameworks (and how they were adapting to technological 
change). This broad -based  discussion w as useful. She was pleased to see the br oad and rich variety 
of topics and dimensions highlighted during the seminar. Presentations highlighted the disruptive 
nature of technology and how governments (including India) were leveraging technology for financial 
inclusion. In some respects, d evelopi ng countries ha d to catch up as late  starters . Nonetheless, 
significant progress had been made. For example, as highlighted in the presentation made by India's 
expert, 68% of the credit under the Mudra credit scheme was disbursed to women entrepreneurs. 
The tech nology -based system remove d human biases, allowing for the financial inclusion of women 
at large. She said that India was still reflecting  on issues for further discussion and would come up  
with suggestions in case required for further discussions.  S/FIN/M/9 8 
 
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  1.31.  The representative of Switzerland  thanked Canada and co -sponsors for initiating the idea for 
the seminar and the Chairperson for his valuable role in making  it a success. He also thanked the 
Secretariat for the organization of the seminar, and the speakers for their insightful presentations . 
In his view, the seminar was a success. He appreciated in particular that the seminar managed to 
link the issues under discussion with the role of trade in financial services, the core business of this 
Committee. This issue could be further developed. In  addition, he noted other Members' reference s 
to regulatory frameworks and how they were adapting to technological developments with a view to 
promoting financial inclusion. This was an issue that could be further explored. In that regard, 
Members could sh are their experience on their regulatory frameworks and exchange on best 
practices on how such regulatory frameworks were being adapted to take account of innovation and 
technology. This issue could be further discussed by the Committee, always bearing in mind the role 
of trade in financial services.  
1.32.  The representative of the United Kingdom  thanked Canada, c o-sponsors, the Chairperson and 
all those involved  in the seminar for an informative and engaging event. He echoed the intervention 
by China about the importance of continuing discussions on the digitalization  of financial services.  
Hearing the various experiences of Members  in that regard  was incredibly helpful; especially the 
experience s of countries that ha d made great strides through the development of innovative 
technologies and through targeted inclusive interventions sensitive to the local context.  Turning to 
financial inclusion in particular, he sa id that the UK was committed to unlocking the potential of 
women to fully participate and play an equal role in the global economy and to benefit from trade, 
which was central to empowering women and achieving sustained economic growth.  Domestically, 
the U K continue d to take steps to widen access to useful and affordable financial services for all, 
regardless of background or income. Consumers ' ability to access appropriate financial products was 
vital for their financial wellbeing and economic productivity . The UK government 's work with 
stakeholders across industry  and regulators  had made important progress on these priorities.  The 
UK was a strong supporter of the Informal Working Group on Trade and Gender . The UK's permanent 
representative  had been officially appointed as the new Co -Chair. He added that the UK valued the 
opportunity to share its expertise to advance progress on the Group 's workplan and to continue to 
encourage a gender lens across the work of the WTO, including in the CTFS.  
1.33.  The Chairperson  thanked Members for their views. He noted a substantive interest in 
deepening some of the issues addressed in the seminar, such as thos e mentioned by China, 
Switzerland and others. He noted in particular the references to the issue s of technology, regulatory 
frameworks and the sharing of information on national experiences. It was clear , in his view , that 
Members wished to deepen discussi on on these and other issues. He suggested that the Committee 
take note of the statements made at the meeting, that the Chair start a process of consultations, 
perhaps taking the questions he raised as guidance, and that the Committee revert to this topic at 
the next meeting.  
1.34.  The Committee agreed  with the suggestions made  by the Chairperson.  
2  PROPOSAL FOR A THEMATIC SEMINAR ON COST OF REMITTANCE SERVICES – 
COMMUNICATION FROM INDIA  (JOB/SERV/CTFS/2)  
2.1.  The Chairperson  reminded Members that prior to the previous meeting, India had submitted a 
proposal to organize a thematic seminar on the cost of remittance services (document 
JOB/SERV/CTFS/2). Although the first discussion showed  a favo urable reception of the proposal b y 
a good number of Members, many of the comments made were preliminary. It wa s clear that the 
Committee need ed to further examine this proposal.  The Committee had agreed to revert to this 
proposal at this meeting. In the meantime, the Philippines had joine d as co -sponsor of the proposal. 
An addendum to the document ha d been circulated to that effect.  
2.2.  The representative of India said that  his delegation had introduced a proposal to hold a 
thematic seminar on the cost of remittance services at the previous me eting. While the discussions 
showed that the proposal had gathered support from some Members,  the Chairperson had concluded 
that further discussions w ere needed. The significant positive contribution of remittances towards 
the socioeconomic development of households and communities, especially in developing countries , 
including LDCs, should not be underestimated. At the previous meeting, India had received 
comments and suggestions on its submission, but many Members needed more time to study the 
proposal in detail. India looked forward to their comments and suggestions as well. As per the World 
Bank estimates, out of total remittances of USD 794 billion in 2022, USD 626 billion (about 79%) S/FIN/M/9 8 
 
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  went to low and middle income countries. This figure h ad been estimated to increase by 1.4% to 
reach USD 656 billion in 2023.  
2.3.  Because of the close relationship between such money transfers and socioeconomic 
development, policymakers had promoted initiatives to support such transfers. In particular, the 
need to reduce the cost of remittances had become one of the key issues on the international 
development agenda.  If the cost of sending remittances could be reduced by 5 percentage points 
relative to the value sent, remittance recipients in developing countries  would receive over 
USD 31.30 billion more each year than they do at present. The United Nations (UN) included a target 
for remittance cost reduction in the Sustainable Development Goals (SDGs). The target aim ed to 
reduce the global average cost of sending  USD 200 to less than 3 % by 2030 . In 2020, the G20 also 
prioritized the enhancement of cross -border payments, including remittances.  
2.4.  At the last meeting, some Members raised the issue of the services trade aspects of 
remittances, seeking inter alia clarif ication on the link between remittances, the work of this 
Committee and the GATS. In that regard, she reminded Members that this Committee had the 
mandate to serve as a forum for technical discussions and examination of regulatory developments 
affecting fi nancial services trade. In line with this mandate, India believed that the Committee would 
be a good place to discuss this important financial service. Furthermore, as per the GATS Annex on 
Financial Services  (an integral part of the GATS ), a financial service was defined as any service of a 
financial nature offered by a financial service supplier of a Member. In the Annex, payments and 
money transmission services were included as an activity within financial services. In the Services 
Sectoral Classificatio n List (MTN.GNS/W/120), money transmission services fell under Banking and 
Other Financial Services. Both classifications had been used by Members when scheduling their 
commitments under the GATS. According to information retrieved from the I -TIP Services database, 
91 Members had made commitments in this sector.  
2.5.  She then highlighted the role of remittance services in financial inclusion. Remittances service s 
were critical financial service s used by the sender and receivers, thus providing a point of contact 
with the financial sector that could  be leveraged to increase access to other financial services and 
inclusion in financial services trade. The importance of financial inclusion and the p articular role of 
remittances in fostering financial inclusion were highlighted in the seminar held on 14 June. Women 
were the major recipients of remittances, and the seminar also highlighted the need to increase 
women's financial inclusion.  
2.6.  At the previ ous meeting, some Members also referred  to the narrow  scope of the topic.  In that 
regard, she clarified that India was open to modify ing the topic  and to focus sing on remittances in 
all its aspects and not just on the cost of remittances. Drawing from the experience with the seminar 
held on 14 June, she added that it would be useful , in fact , to have a broader engagement on this 
topic. She looked forward to Members' comments and suggestions.  
2.7.  The representative of the Philippines  said that this was an import ant topic for many WTO 
members. The Philippines had ch osen to cosponsor the communication due to the link with WTO 
work, in particular in regard to cross -border trade and the development agenda. The issue had also 
a clear link with financial inclusion. Rem ittances were channelled not only for consumption but also 
for investment, in particular investment in human resource development (through education  and 
health care services ) and in b usiness ventures such as MSMEs. Remittances also had an impo rtant 
impact on countries' balance of payments. He looked forward to further enga gement with Members 
with a view to solving pending concerns  and moving forward with the organization of the seminar.  
2.8.  The representative of Pakistan  thanked the Chairperson for  his summary of the seminar's 
proceedings. He also thanked Canada  and co -sponsors for bringing such an important issue forward. 
Sharing national experiences on financial inclusion was important to understand in which areas and 
why developing countries were  lagging behind.  He said that the proposal from India was extremely 
important , particularly for developing countries and LDCs. Remittances contribute d more than 10% 
of GDP in many developing and LDC Members, reaching up to 40% of GDP in some cases.  In the 
case of Pakistan, remittances accounted for a major share of its current account and for over 7 % of 
GDP. Pakistan featured among the top 10 recipients of remittances. Remittances served not only to 
balance out the current account but also played an extremely important role in the lives of people 
in general and women in particular. Women depended on remittances for their livelihood and food 
security. Low ering the charges involved in remittance processing needed to be discussed at length 
with a view to  enhancing Members' understanding of the underlying factors. In his view, remittances S/FIN/M/9 8 
 
- 10 - 
 
  were part of critical financial services that c ould be used to increase access to other financial services  
and financial inclusion. The importance of remittances for deve lopment had been underscored 
through the adoption of the UN SDG 10 .c). Discussing these issues in the Committee would 
contribute to making the WTO more relevant to issues of relevance for developin g and LDC Members.  
He added that Pakistan supported the org anization of the seminar proposed by India and the 
Philippines and committed to share its perspective on the state of remittances and its experience in 
that regard.  
2.9.  The representative of Nepal  welcomed the proposal by India and the Philippines to organize a 
thematic seminar on the cost of remittance services.  Remittance s constituted a good s ource of 
foreign currency for a country like Nepal. A good number of people were depend ent on remittances 
as their primary source of income. In Nepal's view, r educing th e transaction cost of remittance s 
would benefit the recipient 's households largely and contribute to the national initiatives of achieving 
the SDGs.  The proposed seminar would allow Members to keep abreast of progress made on the 
SDG 10.c) target to reduce to less  than 3 % the transaction cost of migrant remittance s. 
Furthermore, the  seminar would allow for further exploration of possible pathways towards the 
reduction of remittances costs. The proposed thematic discussion would allow the identificatio n of 
common views among Memb ers and bring out some alternatives for policy intervention. He added 
that Nepal stood ready to engage constructively on this issue.  
2.10.  The representative of Sri Lanka  said that the proposal by India and the Philippines  to hold a 
thematic seminar on the cost of remittance services was timely and important, especially for 
developing countries and LDCs. Remittances are a main source of foreign exchange in many 
developing co untries and LDCs. In some developing countries and LDCs , the remittances account 
for more than 25% of their GDP.  As pointed out in the proposal, remittances made a significant 
positive contribution towards the socio-economic development of households and c ommunities, 
especially in developing countries including LDCs.  However, the benefits of remittances were 
significantly reduced due to the high cost of transferring money. In many cases, the price of sending 
money to home country could be very high relative to the amount sent and to the income of workers.  
Therefore, there was a need to reduce the transaction cost of remittances. SDG target 10.c call ed 
for reducing the transaction costs of remi ttances to less than 3 % by 2030 . That was an ambitious 
target. A lot need ed to be done to achieve this target. Therefore, it was important to identify the 
right measures and approaches to address the high transaction cost of remittances.  Effective 
engageme nt by Members was vital. In that regard, the suggestion by India and the Philippines to 
organize a dedicated seminar on the issue of the cost of remittance services at the CTFS was 
pertinent. He finally added that Sri Lanka supported the draft agenda propo sed by India  and the 
Philippines  for such a dedicated seminar.  
2.11.  The representative of Peru expressed support for the proposal from India, co -sponsored by 
the Philippines, to hold a thematic seminar on the cost of remittance services. Sessions 2 and 3 of 
the proposed program would allow Members to scope the factors that affect the cost of remittances 
and map the situation in different countries and regions. Session 4 would allow for further di scussion 
on the existing alternatives to reduce the cost of remittances. In short, in Peru's view, the seminar 
would be an important input to the discussions on trade in financial services.  
2.12.  The representative of Malawi  welcomed the proposal , and lent her s upport to the organization 
of the seminar . Remittances made a significant contri bution to socio -economic development, 
especially in developing countries and LDCS like Malawi. Remittances also contributed to much -
needed foreign exchange in these economies. In 2022, remittances received in Malawi accounted 
for up to 2.3% of the country's GDP. She looked forward to more engagement on this issue in the 
CTFS and added that Malawi stood ready to engage constructively on this issue.  
2.13.  The representative of Egypt  expressed her support for the proposal by India and the 
Philippines. Re ducing the cost of remittances w ould promote cross -border payments and help 
achieving the SDG 10.c ) goal. Many studies by different international organizations , including the 
IMF and th e World Bank, had proven the positive relationship between growth of remittances and 
real GDP.  The seminar held on 14 June also highlighted cross -border remittances as an important 
component of trade in financial services and as an issue of relevan ce to fi nancial inclusion.   Therefore, 
sharing experiences on this important topic would enrich Members' knowledge of diff erent regional 
and national perspectives  and good practices. She confirmed Egypt's willingness to engage further 
in these discussions .  S/FIN/M/9 8 
 
- 11 - 
 
  2.14.  The rep resentative of Indonesia  also lent his support to the proposal. The seminar would 
provide a valuable platform  for Memb ers to address the pressing issue of the high cost of remittances 
and explore potential solutions.  Indonesia reco gnized the importance of remittances for millions of 
families and their contribution to sust ainable development. However, Indonesia also acknowledge d 
that the high cost associated with remittances services pose d challenges for both sender and 
recipients, particularly  in low- and middle -income  countries. Given the country's experience in 
facilitating remittance s flows, Indonesia understood the need for enhanced transparency, efficiency , 
and competition in the remittances market. It was imperative that Members worked collectively to 
reduce  the cost of remittances and improve accessibility since this had a direct impact on the 
livelihoods and welfare of citizens. By organizing this seminar,  Members could s hare best practices, 
exchange experiences and explore policy measur es to address the factors contributing to the high 
cost of remittances . The seminar c ould also serve as a platform to foster dialogue between 
stakehold ers. This initiative align ed with Members' shared goals of promoting inclusive and 
sustainable economic growth, reducing inequality and advancing financial inclusion. He added that 
Indonesia looked forward to actively participating in the seminar.  
2.15.  The representative of South Africa  also supported the submission by India and the Philippines 
on the cost of remittance services . South Africa was of the view that the thematic discussion would 
promote much needed knowledge building and was relevant for the work of the CTFS. The linkages 
between the cost of remittances  and financial inclusion should not be ignore d. The seminar would 
provide an  opportunity to promote a better understanding of developments in fintech  and their 
contribution to readiness for digital and mobile remittances . It would also allow Members to unlock 
better information and understanding on h ow cross-border remittances could help advance financial 
inclusion. It was important to consider how the pandemic impacted remittances – this was a fair 
issue to look at the way Members looked at transport  and logistics  services in the CTS earlier that 
week. She recalled that the WTO presentation  at the seminar earlier that week spoke about 
microfinance but omitted discussing how to leverage r emittances for microfinance . There was a need 
flowing from discussions at the seminar on 14 June to discuss further the role of r emittances as  a 
driver of women 's financial inclusion . The seminar proposed by India and the Philippines would 
improve Members' un derstanding of the role of remittances in women 's participation in trade  in 
services ( for example , migrant nurses  and their remittances) . In her view, the proposal from India 
and the Philippines  would build on the thematic discussions on financial inclusion at the seminar held 
earlier that week. As noted by the Chairperson in his remarks under the previous agenda ite m, the 
financial inclusion discussions did not gain depth and there  was a  need to build on this.  South Africa 
therefore urged M embers to support the submission of India and the Philippines, as rejecting it would 
be most inconsistent with the support given to the thematic discussions advanced by Canada and 
co-sponsors.  
2.16.  The representative of Canada  said that her government supported the SDG goals and 
recognize d that the issue of remittances services and their ava ilability and cost was an important 
issue from a financial sector policy perspective – something that Canada was very happy to work on 
in the context of the G20 and other international fora. She said tha t the proposal by India and the 
Philippines had a lot of merit for consideration by this Committee.  She agreed with India's statement 
on the importance of this sector and that a discussion would fall within the remit of the Committee. 
She reminded Members that Canada had provided preliminary comments at the previous meeting 
and remained of the view that some of the proposed sessions should be further elaborated. That 
would ensure that the proposed discussion would fall within the remit of the Committee in t erms of 
its linkage with trade in financial services. For example, session 2, which aimed at discussing the 
costs of remittances service s and the potential impact of reducing such costs, could further delve 
into the potential impact on trade in financial s ervices. Building that into the agenda would really 
strengthen the proposal.  She also expressed some concern regarding the language on the SDG 
target in the proposed session 4, that could be interpreted as the WTO giving direction to the United 
Nations to renegotiate that SDG. That language could be amended so as to avoid this type of 
misunderstanding. She added that Canada would certainly welcome the opportunity for further 
engagement with the proponents to further develop the proposal.  
2.17.  The representative  of China  said that  he was s till waiting for confirmation from his authorities, 
but registered China's preliminary support for the organization of the seminar on the topic of 
remittances. Remittances were a very important source of income and a significant share of GDP for 
many developing countries, especially LDCs. In China's case, the overall  value was  quite large. 
According to World Bank statistics, in 2022 China was ranked number 3  among the recipien t 
countries for remittances, with USD 50 billion a year. However, this amounted only to 0.25% of  S/FIN/M/9 8 
 
- 12 - 
 
  China's GDP. For many other Members the proportion of remittances in GDP was much higher, 
signalling the importance of this topic for these Members. R educing t he cost of remittances would 
help these Members achiev e economic development. The proposed seminar could shed light on the 
potential means to reduce the cost of remittances. However, given the multifaceted nature of the 
issue of remittances, he suggested t he inclusion of additional aspects into the discussions. The issue 
of remittances was broad and complex, and such breadth and complexity should be reflected in the 
seminar's program. He expressed the hope that , through consultations and further engagement from 
a broader range of Members, Members could have a useful discussion on this issue in the near future.  
2.18.  The representative of the Dominican Republic  said that remittances were essential for the 
Dominican Republic as a multiplier for sectors such as const ruction and commerce. He suggested 
broadening the discussion to cover all aspects of remittances, beyond their cost. His delegation 
looked forward to a comprehensive discussion on this topic.  
2.19.  The representative of the United States  said that remittances were linked to  financial 
inclusion, access to capital, economic growth and ultimately poverty reduction. She thanked India 
and the Philippines for their respective comments and for their willingness to further work with 
Members on the proposed agenda. She agreed with the co mments  made by Canada and China on 
the need to cover other aspects of remittances in the agenda. She noted that the issue of remittances 
was dealt with by other international fora, such as the G lobal Partnership for Financial Inclusion, t he 
Global Remittances Working Group, the Global Knowledge Partnership on Migration and 
Development, the Consultative Group for The Poor, and the World Bank, among others. Ultimately, 
in the United States' view, the proposal under discussion was duplicative  of the ongoing work 
elsewhere . For that reason, the United States would like to see a clearer linkage  with the work of 
this Committee, clearly outlining how the Committee could add value to this discussion. She 
welcomed India's v iews on that question, and  the willingness to consider the inclusion of additional 
topics , which  would be helpful. In that regard, she said that revisiting the UN SDG goal 10.c) would 
not be a productive idea. That target was a benchmark used by relevant actors, including the 
organ izations she had mentioned. Members  should not seek to change it  unless there was a g reater 
and broader buy -in underpinned by well -informed analysis. Moving the goalpost would make it more 
difficult for all stakeholders to asses s the effectiveness of different actions and  would undermine the 
efforts underway  to accelerate progress to achieve SDGs by 2030.  
2.20.  She further considered that t he scope of the proposed session 3 (drivers of the cost of 
remittance services) , as currently structure d, went beyond the remit of the CTFS, including 
discussion on the role of specific actors, cost structures, and financial market infrastructure. She 
suggested further discussion on how to shape that session. Furthermore, in the United States' view, 
a discu ssion focusing solely on cost (that is, on how remittances impact ed the financial wellbeing of 
the recipients) would be incomplete . A more holistic discussion should consider how governments 
could incentivize recipients to use remittances to build their fi nancial resilience through access to 
micro  saving, insurance , and investment products.  Finally, she invited proponents to revise the 
proposed agenda before the Committee move d forward on this seminar. The United States looked 
forward to further engagement on this issue.   
2.21.  The representative of the Kingdom of Saudi Arabia  thanked India and the Philippines for their 
proposal on this very important topic and for their update on the scope and other details of the 
seminar. The Kingdom of Saudi Arabia attache d great importance to reducing the cost of remittances  
and had taken several initiatives to facilitate the flow of remittances, incorporating relevant factors 
such as increasing market competitiveness, harnessing emerging technologies, enhancing 
transparency and promoting consumer protection. In order to review progress and ensure smooth 
implementation, the Saudi Arabian Monetary Authority (SAMA) initiated the "Remittance Centres  
Project " at the end of 2016. The objective of this project was to revie w the remittances environment 
and identify areas for improvement, with a particular focus on centres'  pricing and service quality, 
as well as on technology utilization and electronic channels. In addition, SAMA encourage d 
commercial banks to expand electro nic services through their websites , and was continuously 
reviewing and monitoring the prices of remittances and relevant exchange fees to ensure that fees 
balanced with the costs to customers and  the profit margins of banks.  Although  the proposal was 
still being assessed by her authorities, Saudi Arabia remained open and ready to hear countries ' 
experiences and challenges in this area and to share its national initiatives and experiences in 
reducing the cost of remittances.  S/FIN/M/9 8 
 
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  2.22.  The representative of Australia  thanked India and the Philippines for their comments and 
analysis behind the proposal, and their stated openness to work with other Members to ensure the 
most appropriate scope and form at for a CTFS discussion. Remittances form ed an important par t of 
Australia 's relationship with the Indo -Pacific region in particular.  That said, he shared Canada's 
concerns and questions on the proposal – in particular the apparent direction of the proposal to 
revisit the UN S DG target.  Perhaps a more explicit focu s on the role of cross -border trade and issues 
of specific WTO remit could be more appropriate. He added that Australia remained open to work ing 
on the proposal, subject to ensuring WTO relevance, and would welcome further engagement  with 
other Members on  this. 
2.23.  The representative of the Russian Federation  express ed support for the proposal. All Members 
would benefit from experience sharing on the reduction of remittances cost s, which , being part of 
the UN SDGs , was a topic of interest not only for  developing countries  and L DCs but for all WTO 
members. Accor ding to the World Bank's statistics, Russia currently ranked number 7 in outward 
remittances flows  and had even been the second largest origin  of remittances payments  in some 
years . Since 2021, R ussia had been th e least expensive countr y from which to send money abroad. 
He expressed his country's interest in discussin g methodological aspects of remittances sta tistical 
data gathering and analysis. The exchange on best practices in the are a of stati stics would encourage 
Members to i mprove their relevant domestic procedures and practices. In that regard, he proposed 
amending the draft agenda with appropriate items. He looked forward to further  development of this 
initiative which would greatly contrib ute to r einvigorati ng discussions in this Committee.  
2.24.  The representative of the United Kingdom  thank ed India and the Philippines for their proposal 
and for the detailed presentation  earlier. Enhancing cross -border payments was an important issue , 
and the UK recognise d the strong development dimension of remittances , which constituted an 
important source of  income for LDC s. However, by way of preliminary comment , he echoed the 
questions raised by Canada, China and Australia on the trade -specific elements that the proponents 
would be seeking to discuss specifically through this seminar . The UK would like to e nsure  that any 
discussion at the WTO was relevant and complementary to ongoing discussions in other fora.  The 
UK would be open to working on the proposal to ensure that the discussion at the WTO was tailored 
to the institutional context.  That said, he clar ified that the UK was positively considering the proposal 
and would come back with full confirmation in due course . He looked forward to  further engaging on 
the proposal . 
2.25.  The representative of the European Union  said that the proposal was under considerati on. 
She noted that the issue of remittances was being discussed in other fora, such as the Global 
Partnership for Financial Inclusion, co-chaired by India, that had a specific mandate on the reduction 
of the cost of remittances below the 3% target defined by the UN SDGs. The G20  had just started a 
process to improve cross -border payments at the global level, including money remittances. A G20 
roadmap was adopted in 2020 in that respect. The European Union ther efore took note of the 
extensive work done in other fora and was reflecting on what would be the best added value from a 
discussion  on this issue  in WTO and  in the CTFS in particular.  
2.26.  She then made some preliminary c omments on the proposed agenda. Regarding se ssion 1,  
she wondered whether it  was appropriate for Members  to discuss the  relevant SDG  target, its 
background and progress in the WTO. This should be left for discussion in other relevant fora. The 
discussion i n session 4  seemed to aim at revisiting th e 3% target of UN SDG 10 .c). This discussion 
did not seem appropriate for the CTFS. She proposed that this session be revised and clarified  
further.  She also noted in that regard that the idea of lowering the co st of remittances  was also 
addressed, at least partly, in session 3. These two sessions could probably be combined. Finally, she 
said that the proposed agenda should better highlight the trad e in services aspects connecte d to the 
issue of remittance services.  
2.27.  The representative of Switzerland  said that his country attached great importance to the issue 
of remittances . However, Members should really focus on the WTO core business  and on the value 
that the CTFS could add to t his. In that sense, he joined the comments made on the proposed 
agenda by Canada and others along the same lines . The CTFS should focus on trade in financial 
services, and not venture into areas which were not part of its core business, like the UN  SDGs. He 
added that Switzerland was ready to engage in consulta tions with a view to revising the seminar's 
agenda.  S/FIN/M/9 8 
 
- 14 - 
 
  2.28.  The representative of India thanked all Members that supported the proposal  and took note 
of suggestions made by other Members. In her view, the CTFS had the competence to  carry out 
important technical work on financial services and remittance  services was an  important financial 
service. She expressed some concern about some Members' comments regarding the breadth of the 
proposed discussion. In that regard,  she said that as seen in the seminar held earlier that week, the 
discussion was not just on the trade -related aspects. It was important to address issues of 
importance to many Members  and to examine them  in all their aspects. The discussion at the seminar 
sponsored by Canada and others had not focused solely on trade in finan cial services. She expressed 
understanding for that because it was important to also have a discussion on the enablers of trade 
and of integration int o the trading system.  
2.29.  Narrowing down the scope of the discussion on remittances would not be beneficial for 
developing countries . Indeed, while many of the enablers and policies behind remittances would not 
fall directly within the remit of the WTO or the  CTFS, it would still be beneficial for those Members 
to have such a broad dialogue so as to focus attention on the issue at hand. The same logic applied 
to the proposed discussion on the UN SDG goal. The intention was not to revisit that goal but to take 
stock of developments in this area, of achievements and challenges , and then, on the basis of that 
knowledge, to redirect the discussion within the specific context of the WTO.  
2.30.  She added that she looked forward to further suggestions and to engag ing with Members who 
had offered suggestions in this meeting. She confirmed India's and the Philippines' intention s to put 
in a revised proposal.  She encourage d those Members who found value in the proposal to join as 
co-spons ors.  
2.31.  The Chairperson  said that all Members agreed on the importance of remittances and on the 
link with another topic that had just been the subject of a thematic seminar – financial inclusion . 
The proposal had gathered broad support – that was a positive development. While the cost of 
remitta nces was a crucial aspect, there were other aspects that could be further developed in the 
proposal. Some of those other aspects had been explicitly mentioned by Members. At the same time, 
he understood that India and the Philippines were open to refining the proposed agenda and 
submitting a new version. The chairperson also highlighted the positive attitude shown by all 
Members. In that context, he suggested that India and the Philippines submit a revised proposal in 
due course and that the Committee rever t to this agenda item at the next meeting. In the meantime, 
he encouraged the proponents , and all interested Members to engage in informal consultations so 
as to assist the proponents in the revision of their proposal. Those consultations would help addres s 
specific concerns, identify other aspects of the issue that should be address ed, and adjust the 
description s of the different sessions.  
2.32.  The Committee agreed  with the suggestions made  by the Chairperson , took note  of the 
statements made, and decided  to revert to this agenda item at its next meeting.  
3  OTHER BUSINESS  
3.1.  There were no items raised under Other Business.  
4  APPOINTMENT OF THE CHAIRPERSON OF THE COMMITEE  
4.1.  The Chairperson  said that as stated in the email sent to all Members by the outgoing Chairman 
of the Council for Trade in Services on 17 April, Mr Gabriel Bautista, from the Philippines, had been 
proposed as the Chair of the Committee from 1 July this year.  He therefore invited Members to 
proceed with the formal appointment of Mr Bautista as the new Chair person  of the Committee on 
Trade in Financial Services as of 1 July. 
4.2.  The Committee elected  Mr Gabriel Bautista as its new Chairperson (as of 1 July) by accl amation.  
__________