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The Prudential Carve-Out for Financial Services
Rationale and Practice in the GATS and Preferential Trade Agreements


Part of Cambridge International Trade and Economic Law

  • Date Published: June 2018
  • availability: In stock
  • format: Hardback
  • isbn: 9781108415767

£ 85.00

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About the Authors
  • The World Trade Organization's General Agreement on Trade in Services (GATS) sets out a framework and rules for the liberalization of international trade in services. Paragraph 2(a) of the GATS Annex on Financial Services is generally known as the Prudential Carve-Out (PCO). Notwithstanding GATS obligations, it allows WTO Members to pursue prudential regulatory objectives. This book studies the GATS PCO in light of its negotiating history and economic rationale as well as PCOs in all preferential trade agreements notified to the WTO Secretariat up to the summer of 2017. The author clarifies the state of play of international cooperation on financial services regulation; provides a current understanding of the GATS PCO; analyses how PCOs are drafted in preferential trade agreements and, finally, he seeks to understand whether alternative approaches to the mainstream understanding of the PCO are possible and suggests options for reform.

    • Provides the first comprehensive analysis of the GATS PCO which has become increasingly relevant in light of the 2008–09 financial crisis and the regulatory developments that ensued worldwide
    • Details how prudential concerns are addressed in preferential trade agreements, providing trade negotiators with first-hand information of the approaches currently followed at the preferential level
    • The author reconciles the negotiating history of the GATS PCO with its economic rationale to test the economic soundness of his proposed approach
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    Product details

    • Date Published: June 2018
    • format: Hardback
    • isbn: 9781108415767
    • length: 282 pages
    • dimensions: 235 x 156 x 18 mm
    • weight: 0.53kg
    • contains: 5 b/w illus. 5 tables
    • availability: In stock
  • Table of Contents

    1. The subject matter of the study
    2. International cooperation on financial services and prudential measures: WTO and beyond
    3. The current understanding of the GATS PCO
    4. Prudential Carve-Outs in Preferential Trade Agreements
    5. A possible alternative approach
    6. Suggestions for reform.

  • Author

    Carlo Maria Cantore, Universtiy of Antwerp, Belgium
    Carlo Maria Cantore is a Lecturer in International Trade and Investment Law at the University of Antwerp.

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