                     DECISION ON FINANCIAL SERVICES


      Ministers, meeting on the occasion of the conclusion of the Uruguay 
Round.

      Noting that commitments scheduled by participants on Financial 
Services at the conclusion of the Uruguay Round, shall enter into force on 
an m.f.n. basis at the same time as the General Agreement on Trade in 
Services.

      Decide as follows:

1.    At the conclusion of a period ending no later than six months after 
the entry into force of the Agreement Establishing the MTO, without offering 
compensation, Members shall be free to improve, modify or withdraw all or 
part of their commitments in this sector without offering compensation, 
notwithstanding the provisions of Article XXI of the GATS.  At the same time 
Members shall finalize their positions relating to m.f.n. exemptions in 
these sectors, notwithstanding the provisions of the Annex on Article II 
Exemptions.  From the date of entry into force of the Agreement and until 
the end of the period referred to above, exemptions listed in the Annex on 
Article II Exemptions which are conditional upon the level of commitments 
undertaken by other participants or upon exemptions by other participants 
will not be applied.

2.    The Committee on Trade in Financial Services shall monitor the 
progress of any negotiations undertaken under the terms of this Decision and 
shall report thereon to the Council for Trade in Services no later than four 
months after the entry into force of the Agreement.