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Saudi Arabia formally joins WTO
(Xinhua)
Updated: 2005-12-11 14:03
GENEVA, December 11 (Xinhua) -- Saudi Arabia formally joined the World Trade
Organization (WTO) on Sunday.
The WTO approved Saudi Arabia to become its 149th member on November 11,
winding up a 12-year negotiation process.
The move entered into force in 30 days, just in time for Saudi Arabia to
participate in the WTO summit in Hong Kong, at which WTO members are supposed to
agree on an outline deal to boost the world's economy by lowering more trade
barriers.
WTO Director-General Pascal Lamy has hailed the acceptance of another
heavyweight of world trade, which is the world's top oil producer and the main
force in the Organization of Petroleum Exporting Countries.
Failing to join the organization last year, Saudi Arabia set its sight on
membership in time for the WTO summit, which is due to begin in Hong Kong on
Tuesday.
Under the terms of accession, foreign insurance companies will be permitted
to open and operate direct branches in Saudi Arabia. International banks will be
able to open up branches under national subsidiaries.
Within three years, Saudi Arabia will allow up to 70 percent foreign equity
ownership in its telecommunications sector.
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