The General Agreement on Tariffs and Trade (GATT) and the agreements that were concluded as part of the Uruguay Round are trade agreements. This chapter provides the background on why the Board of Governors of the Federal Reserve System, together with other U.S. regulators, thought it important to be involved in the actual negotiations on the agreement relating to trade in services. The chapter then briefly describes the main features of the General Agreement on Trade in Services (GATS) as it relates to financial services.1 Finally, the implications of the GATS for banking services and, just as important, the implications for regulators and central banks are addressed.