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Edited by Andrew W. Mullineux and Victor Murinde
Chapter 26: Globalization, the WTO and GATS: Implications for the Banking Sector in Developing Countries
Victor Murinde and Cillian Ryan 1 INTRODUCTION Arguably, one main innovation of the World Trade Organization (WTO), compared to its predecessor the General Agreement on Tariﬀs and Trade (GATT), was that it took a much broader view of trade, and in particular, added to the trade negotiations issues such as trade-related intellectual property rights (TRIPS), trade-related investment measures (TRIMS), and the General Agreement on Trade in Services (GATS).1 The provisions regarding trade in ﬁnancial services, which are an integral element of the GATS, have proved to be a source of considerable anxiety for the nonindustrialized countries generally. This concern arises, in part, because the consequences of the GATS are not well understood and there is a sense among these countries that they are being pressurized into signing up for something which may yet turn out to be to their detriment. There is some literature on the potential eﬀects of the GATS on developing countries (see, for example, Murinde and Ryan, 2001 and 2002). For example, most developing countries are heavily dependent on oil imports and are largely vulnerable to exogenous shocks from the rest of the world, as noted by Collier and Gunning (1999). A few of the countries which are oil exporting, such as Nigeria, are acutely aware of the exhaustibility of their primary source of wealth but are unfortunately neither seeking to diversify their economies at home nor building up a suitable portfolio of interests abroad as a safeguard against future diminishing oil revenues. There...
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