Skip to main contentAccess keys help

[an error occurred while processing this directive]
BBC News
watch One-Minute World News
Last Updated: Friday, 28 October 2005, 14:46 GMT 15:46 UK
Saudis on brink of WTO membership
Shoppers in a Riyadh market
Saudi Arabia will have to open its markets as part of membership
Saudi Arabia has been given the green light by major trading nations to join the World Trade Organization, probably by late 2005, after a decade of talks.

A WTO working group has approved the final package of its entry terms, to be discussed at a meeting of the body's ruling General Council on 11 November.

If it rubber-stamps the move, it could allow Riyadh to attend a major WTO meeting in December as a full member.

Entry for the world's largest oil exporter would make 149 WTO members.

Opening economy

The kingdom will need to adopt the entire body of WTO legislation, a process that involves liberalisation of currently restricted sectors.

It would mean Saudi Arabia would have to open its long-protected but growing economy to the outside world.

The Middle East is a region so far under-represented in global trade policy-making.

Talks on Saudi membership have dragged on for 12 years over fears that WTO free trading rules would curtail Riyadh's right to restrict imports of goods prohibited under Islam, such as pork or alcohol.




SEE ALSO:
Muslims urge Islamic free trade
03 Oct 05 |  Business
Oil prices peak on Saudi threat
08 Aug 05 |  Business
Saudis move closer to WTO
31 Aug 03 |  Business
WTO urges Arab trade talks
20 Jan 03 |  Business


RELATED INTERNET LINKS:
The BBC is not responsible for the content of external internet sites


PRODUCTS AND SERVICES

AmericasAfricaEuropeMiddle EastSouth AsiaAsia Pacific