Under Secretary of the Treasury for International Affairs As we help to create and grow markets, we want to be in them. Free trade in financial services is, of course, a big part of this. To put it simply, financial services is one of the sectors in which the United States is truly a global leader, and in which U.S. business is growing by leaps and bounds. Ensuring an open market for financial services is about more than just business opportunities.
Nations can reach their economic potential only if they channel investment and capital efficiently.
Countries that maintain barriers to the best international firms are losing out on the techniques and methods they need to grow. Or the Japanese financial system, which is slowly making its way out of important difficulties. There is no question that Japan's efforts to get back on its economic feet have been hampered by barriers that have sheltered Japanese finance and left it inflexible and less able to repair itself quickly. One of the most effective ways for Japan to ensure a rapid recovery is to continue to open and free up its financial markets so that businesses and households have access to the full range of financial products. The U.S.-Japan Agreement on Financial Services of early 1995 was a landmark pact.