The European Trade Commissioner, Sir Leon Brittan, said yesterday he hoped a global accord on free trade in financial services could be reached by a mid-December deadline. A plan to ease access to financial markets has been in circulation for five years, but progress under the auspices of the World Trade Organisation (WTO) has been stalled.
"We have a long way to go in the few short weeks that remain in persuading some of the countries of south-east Asia and Latin America to put forward credible and substantial offers. Nonetheless . . . we hope that we will be able to get a comprehensive and permanent agreement," Sir Leon told the American Chamber of Commerce's EU committee in Brussels.
Europe and the US have been pushing hard for a deal to open up financial services markets in Asia, Latin America and Africa, but doubts grew over the summer in the wake of the financial crisis in south-east Asia.
Asked if the EU and US would make any concessions to Asian partners facing market turbulence, Sir Leon said there was a mechanism to recognise special circumstances.
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