Specific Commitments. 1 Each Party has set out an initial schedule of the specific commitments it undertakes in accordance with the objective of liberalisation of trade in most services by the date of entry into force of this Agreement. 2 Each Party's schedule of commitments shall clearly specify: a) the sectors/subsectors in which commitments are undertaken; b) any terms, limitations and conditions on market access; c) any conditions and qualifications on national treatment; and d) any additional commitments. 3 The schedules of commitments shall be annexed to this Agreement as Annex 2 and shall form an integral part thereof. 4 As part of the reviews of this Agreement provided for in Article 68, the Parties undertake to review their schedules of commitments at least every two years, but earlier if so agreed, and progressively to expand these initial commitments as well as expand market access and/or national treatment between them in accordance with the APEC objective of free and open trade in services by 2010. The first review shall include telecommunications, postal services, credit reporting services and disaster insurance. 5 Trade in a particular number of services sectors and measures affecting trade in services may not be fully liberalised by 1 January 2010 notwithstanding paragraph 4. When it appears this shall be the case, the Parties agree to meet no later than 1 January 2008 to identify a list of such services sectors and measures. This list shall be set out in an exchange of letters between the Parties. The Parties shall consult on a mutually acceptable solution for these sectors and measures and such consultations shall continue for as long as it takes to achieve that solution. The solution may include agreement on a longer timeframe for liberalisation. This provision shall continue to apply after 1 January 2010. 6 The reviews referred to in paragraph 4 shall also examine limitations on market access and/or national treatment entered in the Parties' schedules of commitments in accordance with the objective identified in that paragraph. 7 A Party may, upon reasonable notice of at least three months, propose a modification of a commitment in its schedule of commitments by written notification to the other Party. In proposing such a modification, the Party concerned shall also propose a means by which the overall level of commitments undertaken by that Party under the Agreement shall be maintained. On receiving such written notification, the other Party may request consultations regarding the proposed modification aimed at ensuring an overall balance of benefits under the Agreement is maintained, and if such consultations fail to achieve a satisfactory solution, the matter shall be dealt with in accordance with Part 10.
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