Treaty (6 April 2005)

April 06, 2005

FINANCE PROTOCOL TO IMPLEMENT THE THIRD PACKAGE OF COMMITMENTS ON FINANCIAL SERVICES UNDER THE ASEAN FRAMEWORK AGREEMENT ON SERVICES

The Governments of Brunei Darussalam, HAVE AGREED AS FOLLOWS: the Kingdom of Cambodia, the Republic of Indonesia. Lao People's Democratic 1. Member States who are WTO Members Republic, Malaysia, the Union of Myanmar, shall continue to extend their specific the Republic of the Philippines, the commitments under GATS to ASEAN Republic of Singapore, the Kingdom of Member States who are non-WTO Thailand, and the Socialist Republic of Viet members. Nam, Member States of the Association of South East Asian Nations (hereinafter 2. Member States shall extend to all other referred to as "ASEAN"); Member States preferential treatment in financial services as set forth in the NOTING the ASEAN Framework Schedules of Specific Commitments Agreement on Services signed on 15 annexed to this Protocol. December 1995 in Bangkok, Thailand, which seeks to enhance cooperation in 3. The Annexes to this Protocol shall consist services among Member States, eliminate of the Horizontal Commitments, Schedules substantially restrictions to trade in services of Specific Commitments and the Lists of among Member States and liberalize trade Most-Favored Nation Exemptions. in services by expanding the depth and 4. This Protocol and its Annexes shall form scope of liberalization beyond those an integral part of the ASEAN Framework undertaken by Member States under the Agreement on Services. General Agreement on Trade in Services (hereinafter referred to as "GATS"} of the 5. This Protocol shall enter into force upon World Trade Organization (hereinafter the deposit of instruments of ratification or referred to as "WTO"); acceptance by all signatory governments with the Secretary-General of ASEAN,

RECALLING that the Sixth ASEAN which shall be done not later than 31 Finance Ministers Meeting called on December 2005. Member States to enter into a third round of negotiations in financial services, beginning 6. This Protocol shall be deposited with the 2002 and ending 2004; Secretary-General of ASEAN who shall promptly furnish a certified copy thereof to HAVING carried out negotiations in each Member Country. The Secretary-financial services pursuant to Article IV of General of ASEAN shall also promptly the ASEAN Framework Agreement on furnish notifications ot ratifications or Services and finalized the package of acceptances made pursuant to paragraph 5 commitments under the third round of to each Memben Country. negotiations on financial services;

IN WITNESS WHEREOF, the undersigned, SEEKING to ensure that ASEAN Member being duly authorized thereto by their States, who are non-WTO members, are respective Governments, have signed the also accorded the same treatment in Protocol to Implement the Third Package of financial services that ASEAN Member Commitments on Financial Services under States, who are WTO members, extend to all members of WTO;DESIRING to set out in a schedule the the ASEAN Framework Agreement on specific commiiments,on financial services Services. that each Member State shall undertake, for which Member States shall accord DONE in Vientiane, Lao People's preferential treatment to one another on a Democratic Republic on the 6th day of April Most-Favored Nation basis; 2005, in a single copy in the English language. For the Government of Brunei Darussalam For the Government of the Republic of Singapore

(Sgd.) PELIIN DATO ABDUL RAHMAN (Sgd.) RAYMOND LIM SIANG KEAT IbrahimDeputy Minister of Finance Second Minister for Finance For the Government of the Kingdom of For the Government of the Kingdom of Cambodia Thailand

(Sgd.) KEAT CHHON (Sgd.) VARATHEP RATANAKORN Senior Minister, Minister of Economy and Deputy Minister of Finance Finance For the Government of the Republic of For the Government of the Socialist Indonesia Republic of Viet Nam

(Sgd.) J.B. KRISTIADI (Sgd.) NGUYEN SINH HUNG Secretary-General of Ministry of Finance Minister of Finance For the Government of the Lao People's Democratic Republic

(Sgd.) CHANSY PHOSIKHAM Minister of Finance For the Government of Malaysia

(Sgd.) TAN SRI NOR MOHAMED YAKCOP Finance Minister II For the Government of the Union of Myanmar

(Sgd.) COL. HLA THEIN SWE Deputy Minister of Finance and Revenue For the Government of the Republic of the Philippines

(Sgd.) ROBERTO B.TAN Assistant Secretary, Department of FinanceSource: Supreme Court E-Library