There are many supranational organizations regulating global financial markets, including the Basel Committee on Banking Supervision, the International Organization of the Securities Commission (IOSCO) and the Committee on Capital Movements and Invisible Transactions. The average import duty on industrial goods is 2%. Free trade agreements, which are free trade areas, are generally outside the scope of the multilateral trading system. However, WTO members must inform the secretariat when concluding new free trade agreements and, in principle, the texts of free trade agreements are subject to review by the Committee on Regional Trade Agreements.