Those promises include things like increasing the number of foreign banks allowed to operate in a given country or permitting overseas brokerages to establish joint ventures with local companies. That is not the only unfinished business. Last year, the U.S. dropped out at the last minute. The hope is that Washington will be more willing to deal once presidential elections are past. The U.S. has been especially critical of Asian nations for practicing protectionism.
Asian negotiators respond that they see little to gain from matching the U.S. in opening markets.
However, that didn't stop many from making concessions. Increased to eight from five the number of banking licenses it awards to foreigners each year. Also agreed not to count automatic teller machines against the quota, which has been a sore point between regulators and foreign banks. Also, foreign-owned banks now can accept foreign currency deposits from local residents. Promised to sanction two new branches for each existing foreign bank by 1997.