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Summary of Treaty

Official Title Fifth Protocol to the General Agreement on Trade in Services (GATS) (financial services)
Type of Agreement Multilateral
Place of Signature Geneva
Date of Signature 12/12/1997
Date of Entry Into Force 01/03/1999
Duration Indefinite
Objective of Agreement To make the whole financial services sector (banks, insurance, investment services) subject to the multilateral rules and disciplines of the GATS, to the principles of non-discrimination and national treatment and to the most-favoured nation clause, with a view to the liberalisation of the financial markets. The Protocol replaces the schedules of specific commitments and lists of exemptions relating to financial services set out in Article II of the GATS.
Remarks This Protocol supplements the General Agreement on Trade in Services (GATS). The GATS, which forms Annex 1 B to the Agreement establishing the WTO (Marrakesh, 15/04/1994) is based on three pillars. The first is a framework agreement concerning fundamental obligations relating to all the member countries. The second concerns schedules of commitments drawn up by the countries setting out other specific national commitments which must be the subject of continuing liberalisation. The third is made up of several annexes dealing with the situations of specific service sectors. Second protocol to the GATS (financial services), Geneva, 06/10/1995. Third protocol to the GATS (movement of natural persons), Geneva 06/10/1995. Fourth protocol to the GATS (telecommunications), Geneva 15/04/1997.
OJ Reference L20, 27/01/1999, p. 40
Depositary World Trade Organisation
Contracting Parties European Community, Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom
Authentic Texts English, French, Spanish
Subject Matters Trade
WTO Agreements
World Trade Organisation
financial market
international agreement
international trade
provision of services
Date of Signature 22/01/1999
Conclusion Date 22/01/1999
Ratification Status SD
Conclusion Decision Council Decision of 14 December 1998 concerning the conclusion on behalf of the European Community, as regards matters within its competence, of the results of the World Trade Organisation negotiations on financial services; OJ L20 of 27/01/1999, p.38
Date of Entry Into Force 01/03/1999
Competence Mixed
Legal Basis Treaty EC: Article 54
Treaty EC: Article 63
Treaty EC: Article 73
Treaty EC: Article 100
Treaty EC: Article 113

Last Update :   15/06/2007