In a bid to open wider its long-protected but fast-growing economy, Saudi Arabia, top global oil exporter, looks set to join the World Trade Organisation(WTO), after 12 years of dialogue. A WTO working party which has overseen the talks in Geneva, looks certain to approve the final terms under which the kingdom will enter, probably within the next six weeks. Admission is pending agreement by the WTO's ruling General Council, due in early November.
Entry is expected to boost foreign investment in the country, providing funds for diversification of the largely oil-based economy and bring new export opportunities for Saudi firms, especially in the petrochemical industry. Fears which are expressed by small Saudi firms concerns international competition which WTO accession will bring, are echoed by petrochemical producers in Europe who worry that cheap oil and gas give Saudi firms an unbeatable advantage.
27-Oct-05 
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