In Geneva negotiators were close to a pact on global liberalisation of financial services last night, but details remained to be worked out 30 hours before the deadline and a question mark hovered over a key player, the US.
"There is every reason to expect we will see an agreement based upon a permanent MFN (Most Favoured Nation) basis," International Insurance Council president, Mr Gordon Cloney, said. The IIC represents the majority of US insurance firms.
Mr Cloney, speaking to AFP after a marathon meeting of US and European insurers, added: "There is a critical mass (of offers) there, in my judgment."
Negotiators face a deadline of midnight tonight to hammer out an agreement which would extend to all 132 WTO members and be bound by the WTO rulebook. The pact would actually take effect in 1999 after ratification by individual capitals.
The amounts involved are huge. It is estimated that $1.2 trillion are traded on foreign exchange markets daily, and total world banking assets are put at $20 trillion.
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