{
  "id": "RL31110",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL31110",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 101080,
      "date": "2001-08-10",
      "retrieved": "2016-05-24T20:21:50.557941",
      "title": "U.S. Trade in Financial Services: An Overview",
      "summary": "Financial services -- banking, securities, and insurance -- are a key element of the U.S. economy. \nWith international trade in services generally rising, financial services have become a critical\nelement of new and proposed multilateral, regional, and bilateral trade agreements, as well as a\nsource of some disputes with major trading partners. Congress not only oversees this critical\nindustry, but it also has very substantial responsibilities with regard to U.S. trade, trade policy, and\ntrade agreements, of which financial services are today an important part. \n  U.S. policy has been to extend national treatment to foreign financial firms operating within the\nUnited States and to seek national treatment for U.S. firms operating abroad. In addition, the United\nStates has sought to improve market access by seeking the reduction of various barriers, including,\nfor example, limits on types of products that may be sold, ceilings on the level of activity, or\nlimitations on the right to establish a commercial presence within a country.\n  The World Trade Organization (WTO) provides the first multilateral framework for trade in\nfinancial services -- the Financial Services Agreement (FSA) of the General Agreement on Trade\nin Services (GATS). The FSA went into effect on March 1, 1999, after difficult and drawn out\nnegotiations. It's impact has largely been to bind current practices, but it is a work-in-progress. \nUnder Article XIX of the GATS, a new set of negotiations on services, including financial services,\ncommenced in February 2000. Financial services will also likely be part of a new round of WTO\nnegotiations that might be launched. \n  Although the completed, but still pending, agreements with Vietnam and Jordan do not open\nup financial markets of any significant size, they may provide opportunities for some U.S. firms. \nThe United States is negotiating free trade agreements with Chile and Singapore. The financial\nsectors of these two countries are largely open, but financial services issues, nevertheless, are\nimportant aspects of these negotiations. The United States is also in the midst of negotiating the\nproposed Free Trade Area of the Americas (FTAA) with the 34 countries of the Western Hemisphere\n(excluding Cuba), an area with which the United States already enjoys a healthy surplus in financial\nservices. The FTAA is to be implemented by December 2005.\n  Financial services trade remains an important element of established U.S. regional and bilateral\ntrade arrangements and relationships. The North American Free Trade Agreement (NAFTA),\nhistorically the first trade agreement to address financial services trade issues, fully opened the\nfinancial markets of our two NAFTA partners, Canada and Mexico, resulting in a financial services\ntrade surplus for the United States. The European Union (EU) is fully open without a bilateral\naccord. Financial services trade with Japan is modest. It has not grown appreciably in recent years,\nand the United States has been pressing Japan to open up its financial services market to more trade. \nWTO access for China is likely to open a few opportunities for U.S. financial firms in the short-term,\nwith opportunities likely increasing as the Chinese economy develops. This report will be updated\nas events warrant.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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      "topics": []
    }
  ],
  "topics": [
    "Economic Policy",
    "Foreign Affairs",
    "Industry and Trade"
  ]
}