The official working team on the membership of the Kingdom of Saudi Arabia to the World Trade Organization (WTO) approved the documents of the Kingdom's membership in its final 14th meeting here today.
The meeting was attended by the Minister of Commerce and Industry, Dr. Hashim bin Abdullah Yamani; Minister of State and Cabinet's Member, Abdullah Zainal Ali Ridha; Saudi Ambassador in Geneva, Dr. Abdulwahab Attar; all members of Saudi negotiating team; specializing technical teams; and heads of delegations of 52 member states in the working team.
In his speech, Dr. Yamani expressed the Saudi team's thanks and appreciation for the successful and conclusive results of the Kingdom's joining process which lasted 10 years.
He pointed out that the Kingdom believes in free economy and principles of just competition, national treatment and the right of the most favored state, which are the most important principles of the Organization. It is obvious that the Kingdom, by becoming a member, will benefit from the opening of the world markets to Saudi exports and an increase in investment opportunities in the Kingdom, he noted.
Dr. Yamani added that the agreement satisfies all parties and achieves the main goal of the Kingdom's admission to the Organization.
At an inaugural speech, the Chairman of the official working team and Pakistan's Ambassador to the United Nations, Munir Akram presented the documents of the Kingdom's membership to the WTO, including obligations in the sectors of commodities and services agreed between the Kingdom and member states, which have resulted in 38 bilateral agreements on access to markets and the final report of the working team, together with the joining protocol.
The working team approved the documents and recommended to submit them to the General Council for approval on November 11.
The WTO Director-General, Pascal Lamy welcomed this conclusive step in the Kingdom's entry process in the Organization, commending the efforts of all parties to achieve this.
Kingdom's membership of the WTO will be officially announced after 30 days of approving the documents. The Kingdom will be a full member in the 6th ministerial conference due to be held in Hong Kong on December 13-18.
