Liberalizing Financial Services Trade in Africa: Going Regional and Multilateral

This paper analyses the possible gains from regional and multilateral liberalization of financial services trade for African countries taking into account the implications of such liberalization for financial regulation and capital account liberalization. It also describes existing efforts to integrate financial markets within four African regions (WAEMU, CEMAC, SADC and COMESA) and discusses the existing GATS commitments of the relevant countries with respect to financial services. Although the regions differ significantly, there is scope for further regional integration in all of them. Significant scope also exists for further multilateral liberalization of financial services, in particular with respect to Mode3.

No: ERSD-2006-03


Marion Jansen and Yannick Vennes
Economic Research and Statistics Division
World Trade Organization


Manuscript date: March 2006

Key Words

regional integration, WTO, financial services trade, Africa

JEL classification numbers

F13, F15, G21, G38


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This is a working paper, and hence it represents research in progress. This paper represents the opinions of the author, and is the product of professional research. It is not meant to represent the position or opinions of the WTO or its Members, nor the official position of any staff members. Any errors are the fault of the author. Copies of working papers can be requested from the divisional secretariat by writing to: Economic Research and Statistics Division, World Trade Organization, rue de Lausanne 154, CH 1211 Geneva 21, Switzerland. Please request papers by number and title.

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