Financial Services Liberalisation and TiSA: Implications for EU Free Trade Agreements

26-07-2016

With 23 participating countries, including all of the world’s largest financial centres, covering the vast bulk of global financial services trade, the TiSA negotiations on financial services trade are strategically important for the EU. They are likely to deliver commitments and rules, which go significantly beyond the GATS package negotiated over two decades ago – and to extend their umbrella to a greater range of countries. In addition, the level of market access commitments ultimately incorporated into TiSA will set a new benchmark and reference point for future EU FTA negotiations. Depending on the outcome of remaining negotiations, the TiSA may also establish influential new and consolidated texts on such matters as data transfer, forced localisation, source code, regulatory transparency, and domestic regulation.

With 23 participating countries, including all of the world’s largest financial centres, covering the vast bulk of global financial services trade, the TiSA negotiations on financial services trade are strategically important for the EU. They are likely to deliver commitments and rules, which go significantly beyond the GATS package negotiated over two decades ago – and to extend their umbrella to a greater range of countries. In addition, the level of market access commitments ultimately incorporated into TiSA will set a new benchmark and reference point for future EU FTA negotiations. Depending on the outcome of remaining negotiations, the TiSA may also establish influential new and consolidated texts on such matters as data transfer, forced localisation, source code, regulatory transparency, and domestic regulation.