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Ministers,
Noting
that commitments scheduled by participants on financial services at
the conclusion of the Uruguay Round shall enter into force on an MFN
basis at the same time as the Agreement Establishing the World Trade
Organization (hereinafter referred to as the “WTO
Agreement”),
Decide
as follows:
1.
At the conclusion of a period ending no later than six months
after the date of entry into force of the WTO Agreement, Members shall
be free to improve, modify or withdraw all or part of their
commitments in this sector without offering compensation,
notwithstanding the provisions of Article XXI of the General
Agreement on Trade in Services. At
the same time Members shall finalize their positions relating to MFN
exemptions in this sector, notwithstanding the provisions of the Annex
on Article II Exemptions. From
the date of entry into force of the WTO Agreement and until the end of
the period referred to above, exemptions listed in the Annex on
Article II Exemptions which are conditional upon the level of
commitments undertaken by other participants or upon exemptions by
other participants will not be applied.
2.
The Committee on Trade in Financial Services shall monitor the
progress of any negotiations undertaken under the terms of this
Decision and shall report thereon to the Council for Trade in Services
no later than four months after the date of entry into force of the
WTO Agreement.
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