Financial services in GATs, Telecommunication Services in GATs, India and the GATs

Financial services and telecommunications are two important service sectors that are covered under the General Agreement on Trade in Services (GATS).

Under GATS, financial services include a broad range of activities, such as banking, insurance, securities trading, and asset management. GATS aims to liberalize trade in financial services by providing greater market access to foreign service providers, removing regulatory barriers, and ensuring that regulations are transparent and non-discriminatory.

Telecommunications services include the transmission and reception of signals by any means of communication, including the internet, wireless networks, and cable TV. GATS seeks to promote competition and investment in telecommunications services by removing barriers to market access and ensuring that regulatory measures are transparent and non-discriminatory.

India is a member of the WTO and has made commitments under GATS in various service sectors, including financial services and telecommunications. India has opened up its market to foreign service providers in these sectors and has committed to providing greater market access, removing regulatory barriers, and ensuring that regulations are transparent and non-discriminatory.

However, India has also maintained certain limitations and exceptions in these sectors, such as limitations on foreign ownership of Indian banks and restrictions on foreign investment in certain segments of the telecommunications sector. These limitations and exceptions are included in India’s schedules of commitments under GATS.

Overall, GATS provides a framework for liberalizing trade in services, including financial services and telecommunications, while also allowing each country to maintain necessary regulatory measures to protect public health, safety, and the environment.