If a given XML schema is shared, it would certainly follow that some meaning is being conveyed. There are a good number of participants currently registered at xml.org. Also, there appears to be a significant amount of activity around mapping the older format-standards, such as EDI, FIX and IFX in the finance industry, to XML schemas. Maybe not, due to several factors. The same element name can occur multiple times within the same schema.
Convergence occurs only when the meanings of equivalent labels are precisely synonymous.
These folks have the right idea. UDEF is a system for classifying and identifying data elements according to their meaning. Under UDEF, a data element is assigned a unique identifier based on its meaning. True semantic convergence could begin to become a reality. The shape of the XML conference table and the initial agenda have been proposed and generally agreed upon.