Global financial service talks on track: WTO<\/p>\n
HONG KONG (Reuter): Talks for a pact to open up global
\nfinancial services were on track despite market turmoil in
\nSoutheast Asia, the head of the WTO said yesterday.<\/p>\n
\"Practically with all the governments I've had discussions
\nwith here, there is a strong will to participate,\" World Trade
\nOrganization Director-General Renato Ruggiero told reporters.<\/p>\n
The pact could help prevent future economic crises by
\nstrengthening Asian banking, insurance and other financial
\ninstitutions through greater competition, he said.<\/p>\n
\"When you have stronger financial institutions in your
\ncountry, you have a better situation to deal with erratic capital
\nmovement,\" he said.<\/p>\n
Ruggiero said 97 countries had made provisional commitments
\nfor liberalization in the sector. The WTO also has 19 offers to
\nliberalize, representing 33 governments, he added.<\/p>\n
\"We are moving towards seven new governments (who) told us
\nthey will present their offers quite soon,\" he said on the last
\nday of the annual meetings of the World Bank and the
\nInternational Monetary Fund.<\/p>\n
He said he was \"encouraged\" by recent discussions with
\nministers from Latin America and Asia, including talks with
\nMalaysian Finance Minister Anwar Ibrahim on Wednesday morning.<\/p>\n
\"But it would be wrong to argue that because there are
\nencouraging moves, we are at the end of the road,\" he said. \"We
\nare not at the end of the road.<\/p>\n
\"There are promises that still have to be implemented,\" he
\nadded. \"So it will still be a difficult negotiation.\"<\/p>\n
He planned to meet Thai officials later on Thursday.<\/p>\n
U.S. officials have softened their public stance since walking
\nout of earlier talks in 1995 arguing that emerging economies were
\nnot offering enough for a global pact.<\/p>\n
They say they understood the political problems faced by
\nSoutheast Asian nations but had hoped to be deeper into
\nnegotiations ahead of the pact's December 12 deadline.<\/p>\n
Washington argues that other countries must agree to a wider
\n-- even phased -- opening of their markets before it can agree to
\na pact which would throw open its own sector under WTO rules that
\nbar discrimination among trading partners.<\/p>\n
The recent Asian currency crisis, triggered by Thailand's de
\nfactor devaluation in its baht currency on July 2, has raised
\nfears about easing financial sector controls.<\/p>\n
Some critics argue that liberalization could make the
\ncurrencies of developing countries more vulnerable to speculators
\nwhile damaging domestic firms.<\/p>\n
\"The influence of this crisis on our negotiation is more a
\nperception than a reality of the difficulty,\" Ruggiero said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/global-financial-service-talks-on-track-wto-1447893297",
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