[9585]
January 9, 1998
TO: INTERNATIONAL COMMITTEE No. 2-98
RE: INSTITUTE LETTER TO TREASURY REQUESTING CERTAIN WTO
AGREEMENT IMPROVEMENTS
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Attached is a copy of a letter the Institute sent to Treasury Assistant Secretary Timothy F.
Geithner asking that the Treasury Department seek to persuade trading partners to improve the recent
WTO Financial Services Agreement in certain respects before the Agreement goes into effect. Three
countries that permit foreign firms to participate in their markets -- Chile, India and Korea -- either did
not make any WTO commitments in asset management or made commitments that do not reflect the
extent to which they have agreed to open their market. The Institute’s letter requests that US
negotiators urge Chile, India and Korea to improve their offers to bind the access levels in asset
management already in place or scheduled to be in place when the Agreement goes into effect.
During the period between December 1997 when the Agreement was reached and 1999 when
the Agreement becomes effective, it is possible for trading partners to improve the commitments they
agreed to make. The ability of the US to negotiate improvements during this period is limited, however.
The Institute’s letter points out that Chile, India, and Korea, could improve their WTO commitments
without having to change any market access laws or policies and that these countries are important
markets for Institute members.
Mary S. Podesta
Associate Counsel - International
Attachment