WT/MIN(24)/W/4/Rev.1  
WT/GC/W/924/Rev.1  
 
27 February 2024  
(24-1775) Page: 1/2 
Ministerial Conference  
Thirteenth Session  
Abu Dhabi, 26 -29 February 2024  
General Council  Original: English  
 
 
DRAFT MINISTERIAL DECLARATION ON FACILITATING CROSS BORDER REMITTANCES  
COMMUNICATION FROM BANGLADESH; INDIA ; NEPAL AND SRI LANKA  
Revision* 
The following communication, dated 26 February 2024, is being circulated at the request of the 
delegation s of Bangladesh, India, Nepal and Sri Lanka . 
 
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1.  We recognize  the significant positive contribution of cross -border remittances towards 
socio-economic development of househo lds and communities especially in developing countries 
including LDCs and acknowledge that out of total remittances of USD 860 billion in 2023, 
USD 669 billion (about 78%) went to Low and Middle Income Countries (LMIC)1. 
2.  We understand that cross border pa yments and money transmission service is a critical financial 
service used by the sender and receivers for cross -border remittances, thus providing a point of 
contact with the financial sector that can be leveraged to increase access to other financial ser vices, 
achieve financial inclusion and enhance participation in financial services trade.  
3.  In view of the close relationship between such services and sustainable development, we 
underline the need to reduce the cost of cross -border remittances. We reaffirm  our commitment to 
the UN SDG Goal 10.c to reduce to less than 3 per cent the transaction costs of remittances and 
eliminate remittance corridors with costs higher than 5 per cent by 2030 with a view to achieve the 
primary goal target, that is, 'Reduce ine quality within and among countries' which is aligned to the 
WTO's development agenda.  
4.  We highlight that the global average cost for sending remittances, though has declined over time, 
remains high at 6.18 per cent —more than twice the SDG target, and the experience varies across 
countries and regions.  
5.  We recognize that one of the main factors explaining the growth and demand for cross border 
payment services is the expansion in international remittances and underline the need to promote 
and facilitate trad e in these services.  
6.  We highlight that one of the means to achieve cheaper, faster, and more transparent and 
accessible cross -border payments including remittances is promoting interoperability and 
interlinkages of digital payment infrastructures including  fast payment systems. The global average 
cost for digital remittances at 4.84 per cent is significantly lower than the cost for non -digital 
remittances.2 
 
*This Revision is to add Bangladesh, Nepal and Sri Lanka  as co-sponsor s to the communication.  
1 https://www.knomad.org/publication/migration -and-development -brief-39 
2 Remittance Prices Wo rldwide – Issue no. 47, September, 2023.  WT/MIN(24)/W/4/Rev.1 • WT/GC/W/924/Rev.1  
 
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  7.  We acknowledge the important work being undertaken by the international organizations in 
reducing th e cost of remittances.  
8.  We welcome the decision of the Committee on Trade in Financial Services to hold a Thematic 
Session on 'Cost of Remittances' in March 2024.  
9.  The Ministerial Conference instructs the Committee on Trade in Financial Services to undertake  
a work programme consisting of efforts to:  
● Understand the development impact of cross -border remittances  
● Review the cost of cross -border remittances, trends and developments  
● Consider how technology, emergence of new market players, different types of prov iders 
and new channels, and consumer behaviour are impacting the cross -border remittance 
services  
● Examine the drivers of cost of cross -border remittances and challenges associated with 
reducing it  
● Identify the opportunities created for lowering the cost of  cross-border remittances including 
on account of digitalization, and emergence of new technologies  
● Explore ways to address the challenges and utilize the opportunities related to lowering the 
cost of remittance services  
 
10.  We recommend that the Committee o n Trade in Financial Services maintain a standing agenda 
item in its meeting, and hold dedicated sessions, to implement the work program with a view to 
recommend steps that could be taken towards reducing the cost of remittances to the Council for 
Trade in  Services which in turn will report to the General Council.  
11.  We instruct the General Council to review the outcomes of the work program and report on key 
findings, actions undertaken and recommendations to the Fourteenth Ministerial Conference.  
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