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Clifford Chance
Clifford Chance is a major international law firm with 23 offices in Europe, North America, Asia and the Middle East. For many years, lawyers at the firm have advised on international trade transactions. Our clients include companies, industry associations, multilateral development agencies and governments http://www.1999.cliffordchance.com/library/publications/wto/ 

Opening markets for Banking Worldwide: The WTO General Agreement on Trade in Services Proceedings of a Conference held in London on 8 January 1997

British Invisibles and Clifford Chance jointly organized a conference in London on 8 January 1997 on the General Agreement on Trade in Services (GATS) of the World Trade Organization (WTO). The Conference was designed to raise awareness in the financial community in London about the WTO negotiations on financial services, which will be started early in 1997 and are scheduled to be concluded at the end of the year.

Contents

1. Introduction – Keith Clark, Senior Partner, Clifford Chance

2. The World Trade Organization in a Globalising Economy: Why the Financial Services Talks Must Succeed – Peter Sutherland, Chairman, Goldman Sachs International

3. What the General Agreement on Trade in Services (GATS) can do – David Hartridge, Director of Trade in Services Division, World Trade Organisation

4. Europe's Approach to Financial Services Negotiations – Karl Falkenberg, Head of Unit for Services and External Dimension, European Commission

5. Opportunities for Bankers – Andrew Buxton, Group Chairman, Barclays Bank PLC

6. Questions and Comments

7. Concluding Remarks – Sir Nicholas Bayne KCMG, Chairman, LOTIS Committee, British Invisibles + Annex

1. Introduction

KEITH CLARK – Senior Partner, Clifford Chance

Following on from the successful meeting of Ministers from the 129 WTO Member governments in Singapore in December 1996, no-one in the financial services industry can help but be aware of the increasing globalisation of the sector throughout the first half of the nineties. This globalisation is going to continue and it is going to produce new challenges and opportunities which financial services organisations must be tailored to meet. The WTO, and in particular that part of it known as the General Agreement on Trade in Services, or GATS, are of course familiar terms.

But it is not clear to everyone just what part the GATS is going to play in the new global financial market, or what the practical implications are going to be for the future of banking operations; and a lot obviously is going to depend upon the outcome of difficult and detailed negotiations. So we are very grateful indeed to our speakers for agreeing to give us the benefit of their knowledge and experience. They will explain the objectives of the negotiations which are to be resumed in April of this year, and the relevance and importance of the GATS for the future of the financial services industry.