Abstract
This article reviews the goals of the current financial services negotiations as articulated by participants and academics. The article then presents the estimated price effects of non-tariff impediments to trade in banking services. Price effects, expressed in this article as tariff equivalents (TEs), are estimated for banking commitments bound in the WTO’s Financial Services Agreement and for negotiating offers tabled as of May 2005. Comparison of these TEs suggests that progress to date has been limited. Though several countries have tabled genuinely market-liberalizing offers, many more have tabled offers that suggest little or no market opening. Major goals of the Doha Development Agenda (DDA) in regard to banking remain unfulfilled, often at significant cost to the countries preserving trade restrictions.
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