Plurilateral GATS request on financial services:
Comments and assessment
In the WTO, the current negotiations for a new agreement on trade in services (GATS) include negotiations to liberalise financial services. Not only will foreign banks, insurance companies, pension funds and other companies get better market access for their services. They will also get more freedom to take over local banks or other financial companies and establish their own financial business (i.e. investment). The Northern countries, and the lobby of the big financial conglomerates, are pushing hard to get full access to more profitable markets. This includes far reaching deregulation of financial services as the EU is requesting since 2002.