Page 311 - Regional Comprehensive Economic Partnership (RCEP)

(c) the liberalisation of market access in sectors and modes of ANNEX 8A
supply of export interest to them, and the provision of
market access in sectors beneficial to them. FINANCIAL SERVICES

Article 8.24: Review of Commitments Article 1: Definitions

The Parties shall review the commitments on trade in services as For the purposes of this Annex:
necessary, but no later than the general review of this Agreement under
Article 20.8 (General Review), with a view to further improving (a) financial institution means any financial intermediary or
commitments under this Chapter so as to progressively liberalise trade other juridical person that is authorised to do business and
in services among the Parties. regulated or supervised as a financial institution, under the
laws and regulations of the Party in whose territory it is
located;
Article 8.25: Cooperation
(b) financial service means any service of a financial nature
The Parties shall strengthen cooperation efforts in sectors, including offered by a financial service supplier of a Party. Financial
sectors which are not covered by current cooperation arrangements. services include all insurance and insurance-related
The Parties shall discuss and agree on the sectors for cooperation and services, and all banking and other financial services
develop cooperation programmes in these sectors in order to improve (excluding insurance). Financial services include the
their domestic services capacity and their efficiency and following activities:
competitiveness.
Insurance and insurance-related services

(i) direct insurance (including co-insurance):

(A) life; and

(B) non-life;

(ii) reinsurance and retrocession;

(iii) insurance intermediation, such as brokerage and
agency;

(iv) services auxiliary to insurance, such as
consultancy, actuarial, risk assessment, and claim
settlement services;

Banking and other financial services (excluding
insurance)

(v) acceptance of deposits and other repayable funds
from the public;

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