RESTRICTEDWORLD TRADE
ORGANIZATIONS/FIN/M/38
11 February 2003
(03-0868)
Committee on Trade in Financial Services
REPORT OF THE MEETING HELD ON 2 DECEMBER 2002
Note by the Secretariat1
1. The Committee on Trade in Financial Services held a meeting on 2 December 2002, under the
Chairmanship of Mr. Syed Habib Ahmed (Pakistan).  The agenda is contained in airgramWTO/AIR/1979.
2. The Chairman noted his intention under "Other Business" to inform the Committee about two
letters he had received from the Chairs of the Special Session of the Committee on Trade and
Development and the Working Group on Trade and Transfer of Technology.  He also noted his
intention to inform the Committee about the arrangements for the presentation by the World Bank.He proposed that the Council adopt the agenda as circulated.
3. The Committee so agreed.
A. ADOPTION OF THE ANNUAL REPORT TO THE COUNCIL FOR TRADE IN SERVICES
4. The Chairman drew Members' attention to document S/FIN/W/24, which contained a draft
annual report to the Council for Trade in Services about the Committee's activities in 2002.
5. At the Chairman's suggestion, the Committee adopted the annual report as contained in
document S/FIN/W/24.
6. Subsequently, after the adoption of the report, the representative of the United States made
two comments regarding the draft annual report. Firstly, with regard to the topic on the Acceptance of
the Fifth Protocol, the United States would have preferred to replace the expression "at the
Committee's invitation" by "Members continued to stress the importance of rapid ratification of the
Fifth Protocol." Secondly, regarding the item on Recent Developments in Financial Services Trade,she said that she would have preferred a redraft of the section dealing with the United States' work on
transparency, to clarify that the original presentation by the United States focused on regulatory
transparency generally, and then used the experience with Gramm-Leach-Bliley as an example of
regulatory transparency in the United States. The presentation specific to Gramm-Leach-Bliley was
subsequently circulated as document JOB(01)/161.  She added that she would not at that stage suggestreopening the report after it had been adopted but that she  would like to see these comments reflected
in the meeting's report and, if need be, she might rais e the issue at the level of the Council for Trade in
Services.
B. A
CCEPTANCE OF THE FIFTH PROTOCOL TO THE GENERAL AGREEMENT ON TRADE IN
SERVICES EMBODYING THE RESULTS OF THE FINANCIAL SERVICES NEGOTIATIONS .
7. The Chairman recalled that, at the previous meeting, Bolivia had informed the Committee of
its intention to accept the Fifth Protocol.  Additionally, at its meeting on 25 October, the Council re-
                                                     
1  This document has been prepared under the Secretariat's own responsibility and without prejudice to
the positions of Members and to their rights and obligations under the WTO.S/FIN/M/38
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opened the Fifth Protocol until 31 May 2003 for the acceptance of Bolivia.  That decision by the
Council was contained in document S/L/108.  He then invited the six other Members who have yet to
accept the Protocol - Brazil, Dominican Republic, Jamaica, Philippines, Poland, and Uruguay - to
provide further information on the status of their domestic processes.
8. No delegation took the floor.
9. The Chairman thanked Bolivia on behalf of all Members for its decision to finally accept the
Fifth Protocol, an initiative that must be welcomed as an additional proof of Bolivia's commitment to
the multilateral trading system.  He also encouraged the other six Members concerned to accelerate
their internal procedures for the acceptance of the Protocol.
10. The Committee took note of the statements made and decided  to revert to this item at the next
meeting.
C. TECHNICAL ISSUES
11. The Chairman recalled that, although there was no substantive discussion on any issue at the
previous meeting, at the request of Thailand and Hong Kong, China, he reminded delegations that the
Committee's terms of reference were broad enough to allow for the discussion of any technical issue
that Members might want to raise, including regulatory issues.
12. The representative of the United States agreed with the Chair's approach concerning the
treatment of technical issues arising from bilate ral negotiations, but considered that transparency
issues would be better dealt with under the agenda item on recent developments in financial services
trade.
13. The representative from Brazil said that, in his delegation's view, this agenda item provided
an opportunity for Members to raise questions arising from bilateral exchanges with other Members in
the course of requests and offer negotiations on services.  His delegation's intention at this meeting
was to raise the "issue of capital account liberalization", which surfaced in requests made bilaterally to
Brazil by other Members.  He said that the GATS ha d two main instruments that were devised to take
account of particular characteristics of financial services sectors.  One of these instruments was the
GATS Annex on Financial Services, which contained some definitions, as well as the so-called"prudential carve-out".  With regard to definitions, the Annex contained a list of economic activities
which were understood to provide a description of the types of financial services covered by the
GATS.  The other instrument is the Understanding on Commitments in Financial Services, which was
adopted at the end of the Uruguay Round together with the Agreement.  The Understanding deviated
from some of the provisions and architectural features of the GATS, and constituted a plurilateral
instrument.  Against the background of these two in struments, some Members raised bilaterally the
scheduling of commitments that would amount to an opening of capital account transactions.  He thenexplained what he meant, by saying that if a Member undertook a commitment in mode 1 on the basis
of the Understanding on Commitments in Financial Se rvices, that Member would be required to make
very limited commitments regarding the cross-border supply of financial services.  In fact,
paragraph B.3 of the Understanding listed only a few activities:  MAT insurance, reinsurance,
insurance of goods in international transit; and the provision of financial information and advice.  Itwas therefore a limited set of activities.  However, the list of activities contained in the classification
of the Annex on Financial Services was much broader and included things like lending of all types,
transferable securities, and asset and portfolio management.  The binding of these activities in mode 1
would have the following implications.  Firstly, in  terms of mode 1 liberalization, that Member would
be going beyond the requirements in the Understanding.  Secondly, commitments in mode 1 for thoseactivities (lending of all types, and asset management and portfolio management), when read in
conjunction with footnote 8 of the GATS, would amount to a commitment to allow the free flows ofS/FIN/M/38
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capital.  This was so because footnote 8 of the GATS expressed that "if a Member undertakes specific
commitment in mode 1 that Member is also committ ing to allow related transfers of capital, when
those transfers of capital are an essential part of the service itself."  That was precisely the case for the
activities he evoked lending of all types, transfer of securities, and asset and portfolio management of
pension funds.
14. He explained that Brazil wanted to raise this issue because this common understanding did
not seem to be clear to his country's trading partners.  Brazil considered that it was important to
clarify this issue, and stood ready to engage in any di scussion in that regard that could be held in this
Committee.  He added, notwithstanding, that one of the trading partners with whom Brazil engaged in
bilateral negotiations clearly said that it was not aiming for the liberalization of the capital account.
Finally, he considered that leaving this issue outside the market access negotiations on financial
services was a positive attitude that might contribute to increase Members' comfort during discussionsregarding this sector.
15. The representative of Hong Kong, China said that Brazil's statement was a good example of
the importance of keeping this agenda item. In his view, technical issues, including those arising from
bilateral negotiations, would benefit from a discussion in the Committee.  He said his delegation
would reflect further on the issue raised by Brazil and would revert to it at the next meeting.
16. The representative of Thailand said she had a very strong interest in the issue raised by Brazil,
because her country had received the same requests.  She then drew Members' attention to some
papers prepared by the IMF on financial services liberalization and capital movements.  Although she
did not agree entirely with the IMF conclusions, the publications were of interest.  She wondered
whether there had been any discussion or work done on this issue at the WTO.  She suggested thelinkages between liberalization of capital movements and financial services should be further
explored.
17. The representative of the United States took note of the statement by Brazil, and looked
forward to other Members' interventions on this issue.  The United States was agnostic as to whether
the issues raised by Brazil or other issues arising from bilateral discussions were dealt with in thisagenda item or under the item on recent developments in financial services trade.  She added that the
United States was interested in discussing procedures for ensuring transparency in this sector, and
looked forward to further discussions about that in the future.
18. The representative of the European Communitie s said that it was important to keep this
agenda item, which might allow Members to discuss at the multilateral level the technical issues
raised in the context of bilateral negotiations.  As a preliminary reaction, he concurred with the
interpretation provided by Brazil in that the undertaking of specific commitments on certain servicesmight imply the liberalization of the capital account and the underlying capital movements.  These
were two distinct, albeit linked issues.  The issue wa s explored some years ago, but it would be worth
reverting to it if Members so wished.
19. The representative of the People's Republic of China said that it was important to keep this
agenda item.  The issue raised by Brazil was important and of interest to China, although she was not
prepared to comment on it at this meeting.  Her delegation would study the issue further.  She
expressed the hope that discussions on this issue could be conducted in the future.
20. The representative of Chinese Taipei said that this agenda item was worth keeping.  The issue
raised this time, and the study proposed by Thailand on the linkage between financial services
liberalization and capital account opening, was of vital importance for all Members.  Another issueworth considering would be the optimal level of capital requirements for foreign financial servicesS/FIN/M/38
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providers under mode 3.  These issues were technical in nature, and that was why this agenda item
should be kept.
21. The Chairman asked whether any delegation would like to comment on Thailand's proposal to
examine the linkage between financial services liberalization and capital movement.  He asked
Thailand what was exactly being proposed.
22. The representative of Thailand said that sh e had the opportunity of reviewing two papers
prepared by the IMF, one of them containing an  analytical study, and the other one containing a
qualitative analysis.  Those papers looked at the issue from the IMF perspective.  She said that, from
the WTO perspective, what could be explored was,  first, the legal consistency between commitments
in financial services and capital movement liberalization.  A second aspect to be explored could be the
economic impact.
23. The representative of the United States said she would like to have the terms of reference for
that study.  She wanted to know what legal consistency and economic impact meant.
24. The representative of Thailand said that if there were doubts as to the what was meant by
economic impact, Members could start by analysing the legal issues first, and then move on to a
discussion on the economic impact.
25. The representative of the United States clarified that she also wanted to know what was meant
by legal consistency.  She wondered whether Brazil could circulate its statement.  She suggested
reflecting on this issue before moving forward.
26. The representative of Japan suggested that the Secretariat prepare a list of papers available on
this issue.  Then Members could consider what to pursue with regard to this issue in the context of
these negotiations.
27. The representative of Brazil said he had no problem in putting his ideas in writing, and
sending them to interested delegations.  Regarding the proposed study, he considered that it was
unnecessary to address the economic implications, and the advantages and disadvantages, since there
was little the WTO could add to what had already been done by the OECD, the IMF or the World
Bank.  Therefore, in the case of the economic implications of capital account liberalization, hesuggested looking at what had been already published.  However, there might be some merit in
approaching the issue from a legal perspective, looking at the structure of the GATS, footnote 8, and
the list of activities in the classification contained in the Annex on Financial Services.
28. The representative of Uruguay suggested asking the IMF representative, who was present at
the meeting, to indicate where those papers referred to by Thailand could be found.  That would let
Members analyse those papers, before deciding on a study.
29. The Chairman suggested, subject to the acceptance of the Membership, that the IMF could
make those studies available.  Also, Members woul d receive Brazil's written statement in due time.
Those elements would provide Members with enough background material to have a fuller discussion
in the next meeting of the Committee.
30. The representative of the European Communities shared the point made by Brazil that a lot
had already been written on capital movements, their benefits and drawbacks, and he did not see the
value of writing an additional study on that.  Even the WTO Secretariat wrote a study in 1997.
Therefore, all that could be said had been said on this issue.  On the legal aspects, without implying
that everything was absolutely clear, he considered that the initial reading by Brazil on the GATS
provisions on capital movements was quite clear.  However, the European Communities would beS/FIN/M/38
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open to the possibility of discussing this, if Brazil or other Members felt that there was a need to
clarify further what was in the GATS.  Regarding the IMF working papers, he said that it would be
interesting if they were made available.  Perhaps, a session could be organized to allow the IMF to
present those papers.
31. The representative of the International Monetary Fund said that the Fund's Executive Board
had extensively discussed capital account liberalization issues for the last years.  Publications had also
been numerous on this issue.  He clarified that tw o types of so-called "IMF papers" were available.
On the one hand, the first and very important body of literature produced by the Fund consisted of the
papers approved by the Executive Board, which represented the official view of the Fund.  On the
other hand, the papers referred to previously by the representatives from Thailand and other Members
were working papers, reflecting individual views of Fund's staff members, and they did not reflect the
views of the Fund.  As a constructive contribution to the activities of this Committee, he suggestedthat the Fund contributed a list, with a short annotation, of recent key publications on capital account
liberalization.  What was needed in this literatu re, however, was a study on the links between capital
account liberalization and financial services liberalization.  The working papers referred to at this
meeting by certain delegations constituted a first step to see how these issues could be treated. He
agreed that the economics of the issue had been di scussed at length in different bodies, including the
Fund, but that did not mean that the economics was altogether clear.  It would be more advisable for
the WTO to base discussions on the substantive discussion on the economics of these issues
conducted elsewhere and move forward in the area of particular relevance for the WTO.  If WTO
Members considered it useful, the IMF would stand ready to provide further information in any form
that WTO Members might decide, whether through seminars, roundtables or other format.
32. The Chairman said that Members had a useful, although inconclusive, discussion.  There
remained a lot to be done on the issue raised at  this meeting.  He said that Members had the
opportunity to reflect further and come back to this issue at subsequent meetings.  Meanwhile, he
considered that the suggestion made by the IMF to have a list of publications was good, since it could
give Members an idea of the literature available and how to retrieve it.  Members could then decidehow to move on from there on the basis of further discussions.  He suggested requesting the IMF to
make available a list of publications, and then decide how to proceed from there, on the basis of
further discussions.  The Committee so decided.
D. RECENT DEVELOPMENTS IN FINANCIAL SERVICES TRADE
33. The Chairman recalled that, at the previous meeting, Australia presented a document on its
recent experience with financial sector reform.  The document was subsequently circulated as
S/FIN/W/23.
34. The representative of the United States sought more information on paragraph 11 of the
Australian paper, concerning how strong financial sectors contributed to economic development.  The
World Bank presentation due to be held in March should increase the understanding of this topic.  The
United States was also encouraged that even a country like Australia, which undertook specific
commitments on the basis of the Understanding on Commitments in Financial Services, wascontemplating increasing its level of commitments in this sector, as stated in paragraph 20 of the
Australian paper.  She also expressed the hope to hear more about Australia's efforts in the field of
regulatory transparency.
35. The representative of Switzerland noted paragraphs 11, 12 and 13 in the Australian paper,
which were a good example of a liberalization process that contributed to economic growth.  He also
noted paragraph 19, which made it clear that liberalizing financial services did not mean their
deregulation.S/FIN/M/38
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36. The representative of Australia said he was not in a position to provide a detail reply to the
United States.  However, he endeavoured to look into further data on the question of reforms in
Australia and how they contributed to economic growth.  As a general comment, he said that
Australia undertook a high degree of unilateral liberalization during the Uruguay Round in the belief
that it was an important aspect of the overall reform process.  Good economic performance had been afunction of that openness.  Therefore, Australia was looking forward to additional commitments
during these negotiations.
37. The Chairman informed that Hong Kong, China submitted a document entitled "Market
Trends and Regulatory Issues Relating to Electr onic Banking and On-line Trading in the Securities
and Futures Market of Hong Kong, China" (S/FIN/W/2 5).  He then gave the floor to Mr. Shu-Pui Li,
Head of the Banking Development Division at Hong  Kong, China's Monetary Authority, to present
the paper.
38. In his presentation, Mr. Li covered four major issues: i) current market trends in relation to e-
finance in Hong Kong, China; ii) major threats arising from e-finance; iii) Hong Kong, China's
regulatory framework for e-finance, covering both the banking and the securities industry; and iv)
emerging e-finance services and challenges.
39. Regarding market trends, all distribution channels were available in Hong Kong, China:
branches, Internet, wireless devices such as Personal Digital Assistance (PDA), mobile phones, and
even interactive television. At that moment, there were 34 banks or authorized institutions in
Hong Kong, China providing e-banking services to their customers. Over 10 banks were already
providing mobile banking services, using SIM tool kit, WAP phones or PDA. According to a survey
conducted recently, 83 per cent of the regular internet banking users were extremely satisfied orsatisfied. Regarding securities trading, 120 out of 850 brokers provided on-line trading services in
Hong Kong, China.
40. Some of the realised benefits included cost reduction in the provision of services and lower
charges to customers; straight-through and real-time processing, especially of trading activities; new
business opportunities (e.g. cyber shopping, other payment services); and improved customersatisfaction.
41. With regard to the threats arising from e-finance, Mr. Li focused on three types of risks:
strategic; operational; and legal and reputational.
42. Turning to the legal framework in Hong Kong, China, he said that the Electronic Transactions
Ordinance (ETO) was issued in 2000.  It provided the legal framework for electronic transactions and
the recognition of digital signature generated by digital certificates issued by a recognised certification
body (CA).  The Hong Kong, China Monetary Author ity was in charge of regulating internet-related
services provided by authorized institutions.  Th e regulatory approach consisted of the following
activities: the enactment of policies and guidance notes; the promotion of awareness and training
through various programmes; the provision of advisory and consultancy support to the banking
supervision department; banks' onsite examinations and offsite reviews; and the conduct of
monitoring and control self-assessments.
43. Regarding securities and futures trading, the Securities and Futures Commission (SFC) and
the Hong Kong, China Monetary Authority followed  a technologically neutral approach. In other
words, regulation and licensing criteria do not depend on a particular medium of communication and
delivery (paper-based or electronic based).
44. He then gave an overview of emerging e-banking services, such as account aggregation, and
m-commerce.  Account aggregation allowed customers to view online all their accounts held withS/FIN/M/38
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different institutions by a single log-on.  Mobile commerce, or m-commerce, was allowing customers
to make use of their mobile devices for banking, brokerage and payment services.
45. The challenges ahead included the increase of customers' awareness and education; data
privacy and customer protection; cyber threats, such as terrorist and virus attacks; and cross-border
issues, such as the delineation of responsibilities between home and host country supervisors; fraudcases (e.g. Trojan Horses programmes, electronic payment fraud, and online dealing fraud);
46. Experience thus far allowed regulators to draw some lessons.  Firstly, pre-registration of third-
party accounts was important. If pre-registration proved not possible, then an alternative means would
be the monitoring of electronic transactions.  Improving customer authentication mechanisms and
devices was also important.  The security awareness of customers - the weakest link- also had to be
improved, for instance by encouraging them to buy personal anti-virus software.
47. Subsequently, the Chairman passed the floor to the representative from Peru, Mr. Carlos
Cueva Morales (Regulations Department, Superint endent of Banks and Insurance), who made a
presentation on the Peruvian regulatory system.
48. In his presentation, the representative of Peru developed four themes:  i) main characteristics
of the financial sector in Peru;  ii) regulation and supervision of the financial system;  iii) main aspects
of the regulatory framework; and iv) transparency in the adoption and application of regulations.
49. He said that the Peruvian financial system was completely liberalized: there were no controls
on capital movements, exchange rates and interest ra tes.  Total assets in the financial system spread
out between the banking system (US$ 20 billion) , the insurance system (US$ 1.36 billion), the
pension fund system (US$ 4 billion), and mutual funds (US$ 1.52 billion).  Total financial assets in
the financial system represented 48.4 per cent of the GDP Foreign investors held 60 per cent per cent
of those assets.
50. The banking system was composed of 15 banks, 5 financial institutions authorized to hold
non-term deposits, 46 leasing companies, 24 representative offices of foreign banks.  The system is
highly concentrated: 70 per cent of the assets were in the hands of 4 banks.  The private pension fund
system was set up about 10 years ago, and at present, it coexisted with the public system.  There wereat present four private funds operating, whose assets represented 7.6 per cent of the GDP.  In the case
of insurance, there were 4 life insurance companies and 12 non-life insurance companies operating in
Peru.  Life insurance assets amounted to US$ 486 million, while non-life insurance assets totalled
US$ 876 million.  The main 5 insurance companies held 70per cent of those assets.
51. The supervision and regulation of the financial system was in the hands of three agencies:  i)
the Central Reserve Bank, which had the responsibility of managing monetary policy and regulating
the payment system; ii) the Superintendent of Banks and Insurance, which was responsible for theregulation and supervision of banks, insurance companies and pension fund companies; and iii) the
National Commission for the Supervision of Securities (CONASEV), which was in charge of
regulating and supervising participants in the stock market.
52. The regulation of banking, insurance and pension fund suppliers included the following main
aspects: standards market access; internal control systems; internal and external auditing; economicgroups; consolidated supervision; and consumer protection.  Regarding market access, foreign
investors received the same treatment as national ones.  Besides, discrimination between companies of
the same nature, or between companies of different nature but providing the same service was
forbidden.  Internal control regulations were based on the standards set by the Basel Committee on
Banking Supervision.  Internal and external auditors contributed to the supervision of financialinstitutions, and therefore were required to communicate directly with the Superintendent.S/FIN/M/38
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Conglomerates were subject to consolidated supervision, and cooperation agreements had been signed
with other foreign supervisors.  One of the criteria to grant a license was that the legal structure of the
economic group did not impede consolidated supervision.  The regulation of operating risks was also
based on the standards set by the Basel Committee.
53. Four other important regulatory issues included risk management; deposit insurance; the
regulation of companies providing auxiliary services; and money laundering.  Prudential rules for risk
management was based on the principles and standards set by the Basel Committee, particularly in
relation to credit risk, liquidity risk, market risk, interest rate risk, operational risk, and country risk.
The deposit insurance fund was aimed at protecting savers in the event of a bank being liquidated.
The fund covered deposits up to US$ 20,000.  Coverage was only granted to natural persons, not for
profit juridical persons; and juridical persons only in the case of demand deposits.  The
Superintendent also regulated companies supplying auxiliary services, such as credit and debit cardcompanies.  The Superintendent also set rules and regulations for the prevention of money laundering
through supervised financial institutions.  In that regard, all institutions were obliged to register all
individual cash transactions equal to or greater than US$ 10,000; and all multiple monthly
transactions equal to or greater than US$ 50,000.  Banks must also report any transaction considered
as suspicious both to the Superintendent and the Attorney General.  The most important change inPeruvian legislation was the creation of the Financial Intelligence Unit, in charge of centralizing and
analysing this information.
54. Insurance regulation dealt with inter alia  solvency margins, technical reserves, risk
diversification, eligible investments, and asset a nd liability matching.  Accounting standards applied
to insurance companies were based on international standards.  All insurance and reinsuranceintermediaries must be registered with the Superintendent.
55. As to transparency, the Peruvian government ha d been promoting transparency in issuing and
disseminating financial regulations and standards.  Recently, there had been wide discussion on
important pieces of legislation on securities, digital signatures and programmes of business
restructuring.  Discussions were held not only in Congress and specialized agencies, but also throughreach-out events held in business and consumer s associations.  For example, CONASEV, which
supervised the securities market, had implemented a pre-publication policy for all regulations, which
are sent out for consultation with the citizenship.  The aim of that policy was that rules and regulations
be discussed as much as possible before being issued.  Regulations were also published in Peru's
Official Bulletin, and, in the case of important pieces of regulation, broadly publicized.  Regulations
pertaining to the financial system could be a ccessed not only through the Congress' WebPages but
also through WebPages of other Ministries and agencies.  All governmental agencies were alsoobliged to make administrative procedures available to their users in a single document.  In other
words, all administrative steps to be followed in  any governmental agency must be consolidated in
this single document.
56. The Chairman thanked Hong Kong, China and Peru for their papers and presentations.  He
expressed the hope that these presentations would stir up discussion on the various issues raised,
particularly on the issue of e-finance, which had been overlooked for some time.  He suggested
reverting to the Hong Kong, China paper at the next meeting.
57. The Committee took note of the statements made and decided to revert to this agenda item at
the next meeting.
E. DATE OF THE NEXT MEETING
58. The Chairman suggested that the Committee hold  its next meeting during the next cluster of
services meetings.  The exact date would be announced in due course.S/FIN/M/38
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59. The Committee so decided.
F. OTHER BUSINESS
60. The Chairman informed the Committee that that on 22 October, he received a letter from
Ambassador Smith, Chairman of the Special Sess ion of the Committee on Trade and Development,
requesting information on any discussions or other developments relating to special and differential(S&D) treatment that had taken place in the Committee on Trade in Financial Services.  This request
was made by the CTD chairman in pursuance to the mandate given by the TNC to the CTD to review
all special and differential treatment provisions with a view to strengthening them and making them
more precise, effective and operational, as provided for in paragraph 44 of the Doha Ministerial
Declaration.  This information was to be conveyed to the Special Session of the CTD by
30 November 2002.  The Chairman said that he had already replied to that request, and copies of that
reply was made available to Members during the meeting.
61. He also informed that on 22 October, he received a letter from Ambassador Jóhannesson,
Chairman of the Working Group on Trade and Transf er of Technology, with the request to inform
him of any discussions, submissions and/or other developments relating to trade and technology
transfer that had taken place in the Committee on Trade in Financial Services.  This request was made
as the result of a decision taken by that working group to seek information from other WTO bodies.The information was to be provided by 20 November 2002.  The Chairman had already replied to this
request, and copies of that reply were also made available to Members during the meeting.
62. Regarding the presentation by the World Bank, the Chairman recalled that at the previous
meeting, the Committee decided to invite that institution to present its 11th Policy Report, entitled
"Finance for Growth".  Unfortunately, due to the very heavy calendar of services-related activitiesduring December, and the willingness expressed by Members at the last Special Session of the
Council for Trade in Services to schedule meetings in such a way that enough time be left for bilateral
negotiations, the presentation by the World Bank was postponed and would take place during the next
cluster of services meetings, and in proximity with the Committee meeting.  The exact date would be
announced in due course.
63. The Committee took note of the statements made.
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