RESTRICTED
WORLD TRADE S/L/46
11December 1997
ORGANIZATION(97-5475)
Original: English Trade inServices
COMMUNICATION FROM EGYPT
Schedule ofCommitments onFinancial Services
The following communication hasbeen received from thedelegation ofEgypt on
11December 1997 withtherequest thatitbecirculated toallMembers oftheWTO.
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Inaccordance withparagraph 1oftheSecond Decision ofFinancial Services (S/L/9), Egypt
hereby introduces theattached modification tothespecific commitments onfinancial services inscribed
initsschedule (GATS/SC/30/Suppl.1). Thismodification shall takeeffect asofthedateofthis
communications.S/L/46
Page2/3
EGYPT
Schedule ofSpecific Commitments
Supplement 2
(This isauthentic inEnglish only)
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This textreplaces thehorizontal partoftheFinancial Services section contained in
document GATS/SC/30/Suppl.1.S/L/46
Page4EGYPT -SCHEDULE OFSPECIFIC COMMITMENTS
Modes ofsupply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence ofnatural persons
Sector orsubsector Limitations onmarket access Limitations onnational treatment Additional commitments
FINANCIAL SERVICES
Measures ofspecific application:
Themain criteria onwhich theeconomic needs testsapply areasfollows:
A.Insurance Services:
1.Surplus demand totraditional classes ofinsurance gives newcompanies anopportunity ofworking without harmful competition tothemarket or
financial positions ofexisting companies andconsequently policy holders.
2.Exhausting of50percentofthecapacity oftheexisting companies, which iscalculated onthebases ofsolvency margin, there isasurplus
demand inexcess ofthecapacity which enables anewcompany toachieve itspurposes.
3.Setting upofanewcompany leads toanincrease oftotalretention inthemarket; taking intoaccount thetechnical considerations.
4.Thenewcompanies shallintroduce newinsurance covers.
B.Other Financial Services
Commercial presence forconducting theactivities ofother Financial Services (Capital Market Services excluding trading insecurities) should be
incorporated inEgypt totaketheform ofajoint-stock company orapartnership limited byshares.