[Federal Register Volume 62, Number 52 (Tuesday, March 18, 1997)]
[Notices]
[Pages 12871-12872]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-6802]


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OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE


Trade Policy Staff Committee: Request for Comments Concerning 
Financial Services Negotiations Under the General Agreement on Trade in 
Services of the World Trade Organization

ACTION: Notice and request for comments.

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SUMMARY: The Office of the U.S. Trade Representative (USTR) is 
soliciting public comments on the requests made to U.S. negotiating 
partners in the negotiations on financial services under the General 
Agreement on Trade in Services (GATS). The GATS is one of the Uruguay 
Round agreements administered by the World Trade Organization (WTO). 
Interested persons are invited to submit their comments on market-
opening commitments that should be sought in the financial services 
sector by April 17, 1997.

FOR FURTHER INFORMATION CONTACT: Peter Collins, Deputy Assistant U.S. 
Trade Representative for Services and Investment, Office of the United 
States Trade Representative, (202) 395-7271 (for insurance issues and 
for general GATS issues), or Matthew Hennesy, Director, Office of 
Financial Services Negotiations, U.S. Department of the Treasury, (202) 
622-0151 (for financial services other than insurance).

SUPPLEMENTARY INFORMATION: Negotiations on financial services were 
extended for six months at the end of the Uruguay Round to allow for 
further progress. The current interim financial services agreement of 
July 1995 will expire at the end of 1997, when WTO Members have a 60-
day period in which to modify (or withdraw) their commitments. The 
negotiations will formally commence in April, at the first meeting of 
the WTO Committee on Trade in Financial Services, the negotiating body.
    The United States is a full participant in the interim arrangement 
and is entitled to all market access and national treatment commitments 
scheduled by other participants. In its schedule of commitments, in 
force since June 30, 1995, the U.S. has committed to protect the 
existing investments of foreign financial services providers in the 
United States. The U.S. took an MFN exemption, and thus reserved the 
right to provide differing levels of treatment, with respect to 
expansion and new activities by these financial services providers, and 
or with respect to new entrants to the U.S. financial market.
    The United States is in the process of preparing requests for 
market-opening commitments from other countries participating in the 
negotiations. These requests may be submitted as early as May 1997.
    The U.S. objective in the negotiations is to obtain significantly 
improved commitments that provide financial services suppliers 
substantially full market access and national treatment on a non-
discriminatory basis. Interested persons are invited to submit their 
comments on commitments the United States should seek in insurance, 
banking, securities, and other financial services.

[[Page 12872]]

    Comments should be filed no later than April 17, 1997. Comments 
must be in English and provided in 20 copies to Peter Collins, Deputy 
Assistant U.S. Trade Representative for Services and Investment, Office 
of the United States Trade Representative, Room 301, 600 17th Street, 
Washington, D.C. 20508. Non-confidential information received will be 
available for public inspection by appointment, in the USTR Reading 
Room, Room 101, Monday through Friday, 10:00 a.m. to 12:00 noon and 
1:00 p.m. to 4:00 p.m. For an appointment call Brenda Webb on 202-395-
6186. Business confidential information will be subject to the 
requirements of 15 CFR 2003.6. Any business confidential material must 
be clearly marked as such on the cover letter or page and each 
succeeding page, and must be accompanied by a non-confidential summary 
thereof.
Frederick L. Montgomery,
Chairman, Trade Policy Staff Committee.
[FR Doc. 97-6802 Filed 3-17-97; 8:45 am]
BILLING CODE 3190-01-M