This morning WikiLeaks made public a secret draft of the Trade in Services Agreement Financial Services Annex. This draft covers 50 countries and 68.2 percent of world trade in services. However, the draft remains classified and kept secret. TISA representatives have indicated that it will continue to be kept secret for five years after TISA enters into force.
Proponents of TISA plan to continue the deregulation of the global financial services market despite failures in financial regulation. Mainly headquartered in New York, London, Paris, and Frankfurt, the Financial Services Annex will continue to set the rules that assist the expansion of multinational corporations.
Additionally, the U.S. has been keen on boosting cross border data. The leaked draft shows that the U.S. is attempting to amplify the currency of cross border data. This might create a forum for the uninhibited exchange of personal and financial data for financial markets.
The agreement that is being created is compatible with the General Agreement on Tariffs and Trade (GATT) so that a critical mass of participants will pressure the remaining World Trade Organization members to sign on in the future.
Absent from the 50 countries covered by the negotiations are all BRICS countries including Brazil, Russia, India, and China.
The second round of negotiations are planned to take place between the 23rd and 27th of June in Geneva, Switzerland.
The WTO parties that are participating in the negotiations of TISA are:
Australia, Canada, Chile, Chinese Taipei (Taiwan), Colombia, Costa Rica, Hong Kong, Iceland, Israel, Japan, Liechtenstein, Mexico, New Zealand, Norway, Pakistan, Panama, Paraguay, Peru, South Korea, Switzerland, Turkey, the United States, and the European Union, which includes its 28 member states Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.