The Ministerial agreement on trade in services, set out at the WTO Ministerial Conference in Hong Kong, 13-18 December, reaffirmed its commitment to promote the economic growth of all trading partners and the development of developing and least-developed countries.  It urged all members to participate actively in the negotiations and provided fresh impetus to intensify the negotiations and to bring them to a successful conclusion by the end of next year.

Speaking from the WTO Ministerial in Hong Kong, Stephen Haddrill, ABI Director General, welcomed the agreement:

“The agreement provides a launch pad for negotiations to come to a successful conclusion with a high level of ambition.  By the end of 2006 we must see substantive agreements to reduce barriers to trade in financial services, benefiting both developed and developing countries.  We urge the Government and the European Commission to seize this opportunity.  Progress will require real commitment and effort as the agreement operates on a voluntary basis.”

The British insurance industry has identified India, Brazil, China and Mexico as key markets where it currently faces a number of trade barriers.   These represent a significant cost to both insurance providers and to consumers in those countries.

The British insurance industry also believes that global trade liberalisation in services makes a contribution to fighting poverty, boosting economic growth and integrating countries into the world economy. 

- ENDS -

Notes

Notes for Editors

1.            Enquiries to:       

         Alan Leaman    020 7216 7440 (Mobile: 07957 482 330)

         Lucy Butler        020 7216 7411 (Mobile: 07712 841 184)

         Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667)

         Jonathan French   020 7216 7392 (Mobile: 07958 330 480)

2.            The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3.            An ISDN line is available for broadcasts.        

137/05