RIYADH, 4 January 2004 — The Shoura Council is debating two economic bills ahead of the Kingdom’s possible accession to the World Trade Organization, Minister of Commerce and Industry Dr. Hashim Yamani said yesterday.
One bill regulates competition and the other intellectual property rights, the minister said.
Saudi Arabia and the United States are meeting this month to reach a bilateral agreement as part of the Kingdom’s bid for WTO membership, he said.
The Kingdom has concluded agreements with 25 countries. “Talks with the US, the Kingdom’s biggest trading partner, will be held sometime this month,” he said.
Earlier, Dr. Yamani told Saudi businessmen at the Riyadh Chamber of Commerce and Industry the private sector accounted for 45 percent of the Kingdom’s GDP. “The government is committed to further enhancing its role in the development of the national economy by promoting healthy competition, so that it will bring down the cost of the products without compromising on quality.”
The minister said the proposed legislation under discussion in the Shoura Council would help to promote healthy competition in the market.
Past attempts by the then Ministry of Commerce under Dr. Osama Faqih to regulate market competition within the framework of Shariah regulations drew criticism from the private sector as being ill-defined.
The minister said the bill before the Shoura aimed to make market competition more consumer-oriented.
Dr. Yamani said the revamped intellectual property bill would sharply increase the penalties on violations.
