30 June 1995
MCMULLAN URGES UNITED STATES TO CONTINUE TALKS ON SERVICES
The Minister for Trade, Senator Bob McMullan, said today he was extremely disappointed with the United States announcement that it intends to step back from the World Trade Organisation financial services negotiations in Geneva.
"Financial services have proven, over an extended period of time, to be a most difficult negotiation," Senator McMullan said.
"A similar point was reached in the services negotiations at the end of the Uruguay Round, but parties finally agreed to continue negotiating.
"To date, progress was being made and a satisfactory basis for further progress was being put in place.
"This would see further liberalisation of service sectors in areas such as banking and insurance.
"I have instructed our Ambassador in Washington, Mr Don Russell, to make representations urging the United States not to abandon the negotiations at this critical juncture, and to give leadership in the negotiations in the same way it has done in the past on this issue.
"We hope that a way can still be found to continue negotiations on this issue in the near future.
"The US decision could also harm the emerging multilateral negotiations on services in other sectors, particularly maritime and telecommunications.
"The potential effect of the financial services decision on other areas of services negotiations will be highlighted in Mr Russell's discussions," Senator McMullan said.
Further information: John Flannery, (06) 277 7420, 018 482 887