But America and other non-signatories will still enjoy concessions under the WTO rule of equal treatment for all members. The WTO deal takes effect next August and is due to lapse, be renewed or be expanded in November 1997, when the U.S. may elect to join. With huge resources and advanced services, institutions in industrialized countries hope to make inroads in the developing world, offering consumers and investors new or more sophisticated services. Besides conventional banking and insurance, asset and other financial management services offered by foreign-linked concerns will be more widely available.
Concessions vary from country to country, as do the dates when they take effect.
ATMs no longer treated as branches. Ceiling on yen holdings of foreign insurers to be removed by July 1996. No more yearly limit on insurance sales offices. Operating fund requirement for foreign brokerage firms cut. Foreign-owned local banks can accept foreign currency deposits from residents, starting July 1996.