Introduction

The forthcoming Hong Kong WTO Ministerial Conference makes it opportune to assess the WTO negotiations on financial services. The GATS provides a framework for progressive trade liberalisation of financial services. The EU’s FSAP can position the EU as a forceful advocate of the benefits of financial services liberalisation. Industry in Europe has tabled detailed Model Schedules outlining concrete steps needed to secure a substantial quality result. Now that the Doha Round has picked up momentum, a good outcome on financial services must be secured for both developed and developing countries.

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Introduction
The Ministerial Conference of the World Trade Organisation (WTO) in Hong Kong on December 13-18, 2005 will meet at a crucial juncture in the current Doha Development Round of multilateral trade negotiations due to conclude in late 2006. Securing a win-win outcome on the dynamic economic sector of services, including financial services, is an important goal. There is a wide global academic consensus that commercially meaningful commitments to liberalise trade in services would considerably boost economic growth and jobs in both developed and developing countries. Financial services are particularly important since the sector plays a key enabler role in facilitating the development of so many other areas of economic activity, manufacturing, infrastructure as well as other services sectors.