Describe the significance of the Schedule of Specific Commitments. List the categories that a member can apply on sectors mentioned in its Schedule of Specific Commitments?

What will be an ideal response?

GATS is designed to open up specific service sectors of the WTO member states' markets to international access on a sector-by-sector and a state-by-state basis. Following negotiations, or on its own initiative, a member is to submit a Schedule of Specific Commitments for annexation to GATS that lists the sectors (or subsectors) it is opening to market access. The member may also list limitations that apply to these sectors, and it must do so as to six categories of limitations if it wants those six to apply. The categories of limitations that the member must either list or not apply are limitations on (1) the number of service suppliers allowed, (2) the total value of transactions or assets, (3) the total quantity of service output or the number of service operations, (4) the number of natural persons that may be employed in a particular service sector, (5) the type of legal entity or joint venture arrangement that a service supplier may use in supplying a service, and (6) the participation of foreign capital in terms of a maximum percentage limit on foreign shareholding or the total value of individual or aggregate foreign investment.