 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.