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The WTO agreement of financial services

submitted by the United Stated of America

The Sixth Annual Meeting of the Asia-Pacific Parliamentary Forum,

Recognizing the importance of vibrant domestic capital markets to sustained economic growth and economic development generally;

Noting the key role that private investment, both direct and portfolio, plays in sustained, non-inflationary economic growth, and the role that strengthened capital markets play in facilitating such investment;

Understanding the role that strong international and domestic capital markets play in facilitating international trade among the countries of the Asia Pacific region;

Bearing in mind that liberalization of capital markets of the WTO members shall follow the principles as provided for in the General Agreement in Trade in Services, including taking into full consideration member economies' level of development

Welcomes the Agreement on Financial Services reached by the members of the World Trade Organization on December 13, 1997, as a positive step toward liberalization of member country capital markets; and

Calls upon the countries of APPF and members of the WTO who have participated in the negotiations of the financial services accord to implement that agreement as expeditiously as possible and to renew their commitment to liberalization of domestic capital markets in expectation of a new round of services negotiations to begin under WTO auspices in the year 2000.