JEDDAH, 9 September 2003 — Saudi Arabia will hold high-level trade talks with the United States to conclude a bilateral agreement in its bid for membership in the World Trade Organization by next year.
A Saudi delegation, led by Commerce and Industry Minister Hashim Yamani, will leave for the Washington talks after attending a WTO conference in Mexico, a source told Okaz daily.
The Saudi delegation aims “to complete the negotiations” to win membership in the WTO, the source said.
The move comes after Saudi Arabia and the European Union reached a landmark agreement for free access of goods and services. Yamani and EU Trade Commissioner Pascal Lamy signed the agreement in Jeddah last week.
“We would like to complete the major steps by the end of 2003. Very early next year, we should be in. That is our target,” Yamani said after signing the trade agreement with EU.
The Saudi delegation to the Washington talks includes State Minister Abdullah Zainal, Dr. Muhammad Al-Jasser, deputy governor of the Saudi Arabian Monetary Agency, and Dr. Fawaz Al-Alami, deputy minister of commerce and industry.
To enter the WTO, countries need to negotiate bilateral deals with current members of the trade body as well as adopt the WTO’s body of legislation.
The WTO committee overseeing Saudi Arabia’s entry has not met for almost three years, something Yamani wanted to rectify, saying talks could be held in October.
“After Cancun we hope to sit down with them and finalize a bilateral deal,” the minister said, referring to the Sept. 10-14 WTO ministerial meeting in the Mexican resort to discuss how to build on the Doha Round of trade negotiations.
The Saudi delegation will attend the Cancun meeting as an observer. The meeting is expected to hear the announcement of the EU endorsement of the Kingdom’s WTO membership. The delegation will also meet with a number of WTO members on the sidelines of the Cancun conference.
Riyadh has so far signed 14 bilateral trade-related agreements with governments including Japan, Australia, Canada, Brazil and Argentina.
“The European Union and the United States are the biggest blocs in the world, and reaching bilateral agreements with both these blocs would be a great achievement,” Yamani said.
He added that the Saudi government was determined to push on with reforms of the domestic economy and help the country diversify from its dependence on oil exports.
The minister said WTO membership would ensure the Kingdom’s products increased access to world markets and strengthen the position of its companies.
“Saudi products will no longer be subject to anti-dumping surcharges and other unilateral measures,” he said.
