Saudi Arabia came a step closer to achieve membership of the World Trade Organization (WTO) when it secured a landmark deal with the European Union (EU), its largest trading partner.
A spokesman for European Trade Commissioner, Pascal Lamy, said that the EU had agreed to back Saudi Arabia’s candidacy for the WTO.
“Mr Lamy will leave for Saudi Arabia to sign the agreement on Sunday. With the conclusion of this deal, Saudi Arabia is closer to WTO membership,” said spokesman Arancha Gonzalez.
To ensure its WTO membership, Riyadh will now only have to conclude bilateral negotiations with the United States, its second largest trading partner, according to a report published today by Arab News. Thus far, he Kingdom has signed WTO accords with ten major trading partners, including Japan, Australia, Pakistan, Canada, South Korea, Mexico, Brazil and Argentina.
The EU is Saudi Arabia’s top trading partner, with a total bilateral trade turnover of approximately 27 billion Euros ($29.5 billion) in the year 2002.
Source: SPA
