ECONOMIC PARTNERSHIP AGREEMENT commitments wouldincludeExchange In thecase of TheBahamas, the horizontal all thesectors. national treatment canbe outlined across the limitationsonmarket accessand horizontal commitments.This meansthat countries arealsoallo In additiontothesemodesofdelivery one oftheabovemodes. businesses tocompeteinasectorthrough Liberalization meansallowingEuropean Mode 4-Presenceofnaturalpersons. Mode 3-Commercialpresence Mode 2-Consumptionabroad Mode 1-Cross-border supply modes are: service into fourmodesofdelivery.These Services hasdividedtheprovisionofa The General Agreementon Trade in mean? liberalizationWhat doesservice Partnership Agreement. services sectorsaspa with respecttothe tourismandfinancial are beingcontemplatedforliberalization This and transportservices. recreational, culturalandsportingservices, tourism andtravel related services, financial services,environmental services, telecommunications services, and development services,other business computer andrelatedservices,research be liberalizedwouldinclude: agreed thattheservice sectorsthatwould The CARICOM Heads ofGovernment TOURISM AND FINANCIALSERVICES TRADEMINISTRY OFFINANCE BRIEF Trade Brief will outlinethesectors that wed to outline their rt oftheEconomic services has been very limited. insurance, bankingand otherfinancial for financialservices whichincludes countries have madeoffers, the coverage CARICOM. Unliketourism whereallthe This areaisprovingrather sensitivefor in financialservices? What aretheareas (h) MarinaServices (g) Hotel Development (f) TouristGuideServices Services (e) TravelAgencyandTourOperator rooms andrestaurantservices (d) Hotels andResorts services) Operation (including hotelrestaurant (c) Hotel andResortDevelopment and (b) HotelManagement Catering) (a) HotelandRestaurants(including considered for liberalization: the following categories are being service sectors.With country hastoliberalize65percentofits CARIFORUM’s position is that each EPA? considered forliberalizationinthe being thesectors What are Policy etc. Control Regulations,NationalInvestment January 2008 January Volume 1Issue2 respect to tourism, respect totourism, for consideration inexcessof100
Insurance • Money market instruments (cheques, bills, The insurance and insurance-related services certificates of deposits etc) includes • Foreign exchange • Life, accident and health insurance services; • Transferable securities • Non-life Insurance Services Maritime and Air Transport Insurance Services; • Other negotiable instruments and financial assets including bullion • Reinsurance and Retrocession Insurance (including broking and agency services); • Participation in issues of all kinds of securities, including underwriting and placement as agent • Services Auxiliary to Insurance (including (whether publicaly or privately and provision broking and agency services); of service related to such issue
• Services auxiliary to insurance, such as • Money broking consultancy, actuarial, risk assessment and claim settlement services; • Asset management, such as cash or portfolio management, all forms of collective investment • Actuarial services; and management, pension fund management, custodial depository and trust services • These sectors were covered by most of the countries; • Settlement and clearing services for financial assets including securities, derivative products Financial Services and other negotiable instruments The areas of financial services that are not well covered are banking and other financial services • Advisory and other financial services on all excluding insurance. The areas for liberalization are: activities including credit reference and • Acceptance of deposits and other repayable analysis, investment and portfolio research and funds from the public; advice on acquisitions and on corporate restructuring • Lending of all types including consumer credit, mortgage credit, factoring and financing of • Provision and transfer of financial information commercial transactions; and financial data processing and related software by providers of other financial • Financial leasing; services
• All payment and money transmission services; • Deposit services
• Guarantees and Commitments; • Central bank deposit
• Trading for own account or for account of • Central bank reserve management services customers, whether on an exchange, in or over the counter market or the following: • Investment and property unit trust services
• Derivative products including but not limited to • Investment banking futures and options • Registration of offshore companies and trust • Exchange rate and interest rate instruments (not including insurance companies and banks) including products such as swaps, forward rate to do offshore business agreement etc.,