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Council for Trade in Services - Special Session - Communication from Australia - Negotiating Proposal for Financial Services
World Trade Organization S/CSS/W/66 28 March 2001 (01-1529) Council for Trade in Services Special Session Original: English COMMUNICATION FROM AUSTRALIA Negotiating Proposal for Financial Services The following communication has been received from the delegation of Australia with the request that it be circulated to the Members of the Council for Trade in Services. _______________ The following paper sets out an Australian negotiating proposal for the financial services sector, pursuant to paragraph 2(b) of the "Roadmap" adopted by the Council of Trade in Services on 26 May 2000. Australia reserves the right to submit more detailed proposals on this sector at a later date. Australia also reserves the right to modify this proposal at any time. This proposal does not prejudge Australia's position on other services sectors, nor any possible future offer on this or other sectors. Importance of Trade Liberalisation in the Financial Services Sector Globalisation, technological innovation and greater competition has had, and will continue to have, significant implications for trade in financial services. Foreign financial service providers, attracted by lower market access barriers, are an important source of competition for a country’s domestic market, and are also a source of innovation. This competition and innovation promotes lower transaction costs and provides increased expertise and greater choice of products and services for corporations and consumers. In addition, foreign firms provide further channels for valuable investment funds. Liberalising trade in financial services allows member countries to become more integrated into international capital markets and to more effectively access investment capital. This generates improved efficiency and allows low-cost funds to be channelled towards those firms and sectors that are better placed to use them, further improving economic growth and investment. A competitive, dynamic, efficient, as well as stable and secu