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NEWS: Saudi Arabia To Enter World Trade Organization

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posted on Sep, 12 2005 @ 04:34 AM
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Saudi Arabian officials and businessmen have had a mixed reaction to the news that Saudi Arabia will soon join the World Trade organization. A historic Free Trade Agreement was accepted between The USA and Saudi Arabia on Friday leaving the pathway open for Saudi Arabia to join the WTO as the 149 member at a Hong Kong ministerial meeting in December. Reports are the the new status will not affect the boycott of Israel and the boycott of Israeli products will continue. Some investors believe the WTO acsession will have a negative impact on agriculture and industrial sectors, fearing Saudi Arabia will become a dumping ground for major producers.
 



www.arabnews.com
Fawaz Al-Tuwaijeri, who has investments in agriculture, said WTO accession would have negative effect on the Kingdom’s industrial and agricultural sectors. “Farmers will not receive most of the incentives they receive now,” he said.

Economists said the accession to the WTO would encourage foreign investment. It will also benefit US manufacturing and service industries, agriculture and American workers by providing increased access to the Kingdom’s growing markets.

The bilateral pact requires Saudi Arabia to open its markets to imports of more US farm and manufactured goods, as well as service companies in sectors including banking, telecommunications, energy, express delivery, transportation and hotel and restaurant management.

Abdul Nasser Al-Nahdi, a businessman, said investments in agriculture and industry would suffer as a result of WTO accession. “At least 60 percent agricultural and industrial projects, especially the smaller ones, face bankruptcy following WTO accession as they will not be able to compete with international firms,” he pointed out.

Nabigh Al-Dubyani, a financial consultant, has the opinion that the WTO entry would bring more demerits to the Kingdom than merits. He called upon smaller companies either to merge with one another or forge alliance in order to face foreign competition.



Please visit the link provided for the complete story.



Reuters

RIYADH (Reuters) - Saudi Arabia's trade deal with Washington removes its biggest hurdle to joining the World Trade Organisation but a European Union official said on Saturday the oil giant must still address EU questions over Saudi gas prices.

The world's biggest crude exporter signed a bilateral market access deal with the United States on Friday in a low-key ceremony which should pave the way for Saudi accession to the WTO by December -- 12 years after it first sought membership.

The OPEC producer has already signed a similar accord with the European Union. But that deal, signed in 2003, left two issues outstanding.

"One related to insurance, which has now been cleared up, and the other was on (gas feedstock prices for) petrochemicals," said Bernard Savage, EU delegation head in Saudi Arabia.



Aljazeera Free trade Agreement USA and Saudi Arabia

US Trade Representative Rob Portman said on Friday that the agreement reached between the two countries would provide new export opportunities for US farmers, manufacturers and service industries.

"We will see greater openness, further development of the rule of law and political and economic reform in Saudi Arabia," Portman said in a statement announcing the conclusion of the talks.

The agreement with the United States, the world's biggest economy, was one of the last major hurdles to the country's WTO membership. Saudi Arabia must complete negotiations at the WTO in Geneva on the formal document that will set the terms under which the world's largest oil producer will become a WTO member.



Finance 24 FTA

Washington - The United States reached a trade agreement with Saudi Arabia that clears a major hurdle to the kindgom's entry to the World Trade Organisation, US Trade Representative Rob Portman said.

Portman said the bilateral agreement provides improved market access for US producers of agriculture, goods and services "and sets the stage for Saudi Arabia to complete accession negotiations with WTO members".




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A big thanks to SwintersVT for there imput on this article

[edit on 12-9-2005 by Mayet]




posted on Sep, 12 2005 @ 03:13 PM
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Yeah that's it. Lets reward the biggest supporter of Islamic Extremism/terrorism in the world and one of the most corrupt/inhumane governments with more economic ties and political legitimacy.




[edit on 12-9-2005 by Delta 38]



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