Financial services cover a wide range of activities, including banking, investment banking, trading, brushing, asset management, derivatives trading, conservation, market infrastructure, insurance and reinsurance. Trade in financial services is already a significant part of the United States and the United Kingdom. commitments made by the parties to fully open up these markets are likely to significantly increase trade. The guides are aimed in particular at small and medium-sized exporters and tell you what each agreement produces without having to read the detailed technical language of the full text. In addition, one of the characteristics of the ideal free trade agreement (FTA) is that it is a “living agreement”. If the United States and the United Kingdom are to gain first-party benefits by establishing the rules of the 21st century agreement model, they want their potential benefits to be seen as significant enough to attract new Member States – a concrete example of cross-border trade in services in Annex I in financial services, as this is a new and revolutionary area. Other similar schedules for other professional services, such as law and accounting, should be established when the time comes on a similar basis. Provisions for the enactment of regulations are also provided to address the problem of rules that have been developed in an opaque manner, without sufficient input from stakeholders, without reasonable justification or for the benefit of a particular sector, company or actor. The rules encourage the publication of impact assessments of proposed regulations and cost-benefit analyses to determine whether the rules have been applied effectively and as intended.
The economies of other countries are less open and have more public intervention; It is therefore worthwhile that the United States and the United Kingdom, in this free trade agreement, will develop rules that could apply to others who will join later. Examples include transparency, the behaviour of state-owned enterprises and anti-competitive state rules (distortions of competition). The United States and the United Kingdom should be able to accept very high standards in these areas, standards that other parties may not meet. Second, parties that wish to benefit from this agreement should accept these disciplines through the open membership clause. A free trade agreement is an agreement between two or more countries, in which countries agree on certain obligations that affect, among other things, trade in goods and services, as well as investor protection and intellectual property rights.