communication from CANADA, Chile, China, New Zealand,
the Philippines, the Republic of Korea and Ukraine

Thematic Seminar Financial Services:
Trade, Inclusion and Accessibility

Revision^[1]

The following communication, dated 10 February 2023, is being circulated to Members of the Committee on Trade in Financial Services, at the request of the delegations of Canada, Chile, China, New Zealand, the Philippines, the Republic of Korea and Ukraine.

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1.  Socio-economic inclusion and accessibility are important issues at the forefront of WTO efforts to pursue better trade outcomes for every Member. Given the importance of financial services, both as an economic sector in its own right and a key intermediary for economic activity around the world, it is important to better understand some of the sector-specific implications of these issues. Accordingly, Canada is proposing that the Committee on Trade in Financial services agree to hold a thematic seminar to discuss the opportunities and challenges with addressing these issues in the unique regulatory context of the financial services sector.

2.  The Committee has a mandate to serve as a forum for technical discussions and examination of regulatory developments affecting financial services trade. In line with this mandate, Canada believes that the Committee would be a good place to discuss the growing impacts of financial services trade on inclusivity and equality for under-represented groups and on facilitating trade accessibility. We are confident that Members would stand to benefit from deepening the discussion on the financial services aspects of these policy issues.

3.  A draft agenda for the proposed seminar, “Financial Services: Trade, Inclusion and Accessibility”, is attached to this communication. The presentations discussed in the Annex would be made by national regulators of interested Members, private sector representatives of banking and insurance services, academics and officials from relevant international organizations.

4.  We eagerly await the opportunity to work with the Secretariat and other Members in order to develop a meeting of interest and utility to all Members.

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ANNEX

Draft Annotated Agenda

1  Morning – Financial Services: Inclusivity and Equality

Topic: Gender and socio-economic inclusivity and equality in the context of financial services trade.

Session 1: Financial Services Trade and Inclusive Growth

This session seeks to focus on the rationale and benefits for applying an inclusive perspective in the development of financial services trade policy and potential impacts this approach could have on promoting inclusive growth in the financial sector.

Thematic Question: How can inclusivity and socio-economic perspectives be integrated into financial trade policy in order to improve inclusive and sustainable economic development and achieve outcomes in the financial sector that are more beneficial for all?

For example, do Members have any national experience on how can financial services trade become more inclusive and support inclusive growth?

Session 2: Gender Lens on Financial Services Trade

This session seeks to discuss how members can use financial trade services policy to improve the capacity and conditions for women to access and fully benefit from the opportunities created by trade and investment.

Thematic Question: How can gender-related policies assist in promoting equality in the specific context of financial services trade?

For example, in what ways can gender-related principles such as non-discrimination between men and women or representation of women be applied to financial services trade? What are the challenges and opportunities?

2  Afternoon – Financial Services Accessibility

Topic: Accessibility to financial services and the role of financial services technology in expanding access to underserved groups.

Session 3: Accessibility in Financial Services

This session seeks to focus on accessibility in financial services, in particular for developing Members, including LDCs, by exploring ongoing financial trade initiatives to increase women and other underserved groups’ access to financial services, such as in the area of microfinancing.

Thematic Question: How can inclusive trade initiatives or programs support accessibility to financial services for women and other underserved groups, in particular for developing Members, including LDCS?

For example, in what ways do policies of the OECD, World Bank, and the G20, that promote inclusivity through financial services, relate to financial trade practices?

Session 4: Expanding Access through Financial Technologies

This session seeks to focus on the role of digital technology and related trade policies in financial services and their ability to make financial services more accessible and inclusive for underserved groups.

Thematic Question: What is the role and impact of digital policies and financial technologies on providing accessible and inclusive financial services? 

For example, how can data transfer policies supporting financial inclusion and technologies in financial services expand assess to financial services for underserved groups?

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