Financial Services and Preferential Trade Agreements: by Mona E. Haddad

By Mona E. Haddad

This quantity chronicles the new adventure of governments within the Latin American zone that experience effectively accomplished monetary companies negotiations within the context of neighborhood alternate agreements. It goals at supplying policymakers and negotiators with a greater knowing of the complexities all in favour of monetary companies negotiations and a deeper realizing of the substantial concerns on the topic of monetary prone liberalization inside of a nearby context, the method negotiators need to struggle through, and certain results of monetary industry establishing inside of local agreements. The publication fills a tremendous hole within the literature on exchange in providers via focusing recognition at the dynamics of exchange and funding liberalization in a area of substantial technical complexity and regulatory depth monetary prone; between a pattern of nations (Chile, Colombia, Costa Rica) from a primary mover area within the monetary prone liberalization entrance Latin the USA; and within the confines of 1 particular kind of negotiating environment preferential alternate agreements. one of many exact gains of this quantity is the 3 in-depth kingdom case experiences, all written by way of exchange specialists who led the negotiations in their respective nations in monetary prone. the rustic stories supply priceless analytical insights into the great content material of the felony provisions governing monetary marketplace commencing within the quarter, and the way such provisions have advanced over the years and throughout negotiating settings. They describe how all of the 3 governments prepared the behavior of negotiations within the region; the level of preparatory paintings that governments undertook in the course of negotiations, occasionally outsourced to specialists in academia or consulting businesses; and the negotiating street maps that have been installed position to aid negotiators. The case reports are complemented with different chapters facing the evolving structure of alternate and funding disciplines in monetary providers and the way top to organize for negotiations within the area.

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Extra info for Financial Services and Preferential Trade Agreements: Lessons from Latin America (Directions in Development)

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Depending on the country context and circumstances, one or more of these approaches have been used to liberalize specific subsectors or modes of financial services provision. Autonomous market opening remains the most common form of liberalizing trade and investment in financial services. Most developed countries have adopted such a strategy, progressively liberalizing their financial markets over a relatively long period. Many developing countries followed (or are following) the same path, although in some cases—such as Mexico—the advent of the Tequila Crisis in December 1994 led to or even accelerated the market-opening process.

Financial Services and Preferential Trade Agreements Since the 1990s, the world economy has witnessed an unprecedented proliferation of PTAs. 24 Almost every WTO member is party to at least one PTA, and Latin American and Caribbean countries have been particularly active in this regard. 25 As can be seen from annex 2B, many of these agreements cover financial services. Liberalizing trade in services (including financial services) has also been of concern within subregional trading blocs, but progress has been limited.

Stand out as vivid examples to the contrary. Broadly, three main reasons appear to underpin the decision of countries negotiating PTAs to include financial services disciplines and commitments in them. The first and typically most important reason is the existence of offensive negotiating interests in the sector and of asymmetric bargaining powers between the negotiating counterparts. This rationale should not be surprising: a trade agreement is essentially a mercantilist exercise, so the inclusion of certain sensitive sectors such as financial services reflects the perceived interests and negotiating strengths of the partners.

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