JEDDAH, 19 April 2006 — It is not within the jurisdiction of the World Trade Organization to control the spiraling petroleum prices, Commerce and Industry Minister Dr. Hashim Yamani said speaking at a private function in Jeddah on Monday.
Briefly describing the advantages the Kingdom will enjoy with its accession to WTO, Dr. Hashim Yamani said: “There is no country that has not benefited from joining the trade organization which grants member countries a number of privileges including the entry to most international markets.
“On the other hand WTO provides its members the right to block any commodity from outside that poses a threat to the moral values, security or health of the people in that country.”
The minister added that Saudi products had a strong presence in international markets. This was largely thanks to the country’s quality industrial production.
“The annual non-petroleum exports of the Kingdom have now exceeded the SR60 billion mark,” he said.
In response to a question on the Kingdom’s influence on the WTO, the minister said that he hoped that the Kingdom would have tremendous influence on it over the next five or six years as we were now preparing a huge administrative structure that would take care of the commitments to the WTO and others.
The minister added, “Saudi industrialists should reinvent themselves to work efficiently in the light of the stiff competition from outside.
“This is all the more important as most of the countries are keen to gain entry to Saudi market with the aim of investing in various projects.
“While we have permitted 40 percent foreign investment in our banks, countries such as China permit foreigners to invest 100 percent.”
In negotiations with WTO the Kingdom’s aim, he said, was to protect the interests of the nation and its young people apart from maintaining our values.
With regard to the current developments in stock markets the minister emphasized the need for sound knowledge of the market before making any transaction.