WORLD TRADE
ORGANIZATIONS/FIN/10
2 December 2003
(03-6377)
Committee on Trade in Financial Services
ANNUAL REPORT1 OF THE COMMITTEE ON TRADE IN FINANCIAL SERVICES TO
THE COUNCIL FOR TRADE IN SERVICES (2003)
1. Since its last report to the Council for Trade in Services (S/FIN/9), the Committee on Trade in
Financial Services has held two formal meetings , on 7 July and 6 October 2003. Reports of those
meetings are contained in documents S/FIN/M/41 and 42.  In this period, the Committee addressed
the following matters: the acceptance of the Fift h Protocol to the General Agreement on Trade in
Services; technical issues; recent developments in financial services trade; and a proposal by Antigua
and Barbuda, Belize, the Fiji Islands, Guyana, Papua New Guinea, The Maldives, Solomon Islands
and St Kitts and Nevis.
II. ACCEPTANCE OF THE FIFTH PROTOCOL TO THE GATS
2. In the period under consideration, Dominican Republic, Poland and Uruguay accepted the
Fifth Protocol, in accordance with decisions taken by the Council for Trade in Services. Three other
Members have not yet accepted the Protocol: Brazil, Jamaica, and the Philippines.  Some delegations
expressed concern that there are still a few Members who have not yet accepted the Fifth Protocol.
III. TECHNICAL ISSUES
3. There were no discussions under this agenda item in the period under consideration.
IV. RECENT DEVELOPMENTS IN FINANCIAL SERVICES TRADE
4. Members continued their consideration of issues related to e-finance on the basis of further
information provided by Switzerland (S/FIN/W /26/Add.1). Additionally, Members addressed a
communication from Malaysia, entitled "Challenges in the Financial Services Sector" (S/FIN/W/28).
Finally, a capital based expert from Turkey made a presentation on recent developments in itssecurities market.
IV. THE GATS AND THE ANNEX ON FINANCIAL SERVICES - INTERNATIONAL
REGULATIONS AND FINANCIAL SERVICES
5. Members considered for the first time a proposal submitted by Antigua and Barbuda on
behalf of Antigua and Barbuda, Belize, Fiji, Guyana, Papua New Guinea, Maldives, Solomon Islands,and St. Kitts and Nevis (S/FIN/W/29/Rev.1). The pro posal aims at addressing the concerns of these
countries with regard to the development of international standards related to financial services, and
calls for the modification of certain GATS provisions.
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1 This report, together with the update in document S/FIN/9, complete the reporting requirement
for 2003.