JEDDAH, 27 April 2005 — Finance Minister Dr. Ibrahim Al-Assaf yesterday expressed his optimism about Saudi Arabia’s speedy accession to the World Trade Organization and said the remaining technical issues related to WTO agreement with the United States could be resolved within weeks.
Speaking to Saudi Television on the outcome of Crown Prince Abdullah’s meeting with US President George W. Bush at his Crawford ranch on Monday, Al-Assaf said the US assurance to help Saudi Arabia win WTO membership before the end of this year was a significant achievement.
“We have reached an agreement on major topics during talks with the US secretary of commerce and industry and the US negotiating team. Only technical aspects are remaining which could be settled within the coming days or weeks,” the Saudi Press Agency quoted Al-Assaf saying.
He was echoing a statement by Foreign Minister Prince Saud Al-Faisal who said Riyadh and Washington were close to a WTO agreement. In a joint statement after Prince Abdullah’s meeting with Bush, the United States pledged to advance Saudi Arabia’s entrance into the WTO.
“We welcome the renewed determination of Saudi Arabia to pursue economic reform and its quest to join the WTO. We’ll work together as partners to complete our negotiations and with other WTO members in Geneva with the aim of welcoming Saudi Arabia into the WTO before the end of 2005,” the statement said.
A US trade official also expressed his optimism about the WTO pact. “We are close to finalizing our agreement on tariffs with Saudi Arabia, and we are increasingly more comfortable that the multilateral issues will be addressed satisfactorily,” said acting US Trade Representative Peter Allgeier.
Omani Commerce and Industry Minister Makboul ibn Ali ibn Sultan, who was in the US recently, confirmed that Washington and Riyadh appeared close to a bilateral deal. “From my discussions with the people in Washington, I think they will finish and reach an agreement soon,” Makboul said.
A bilateral deal with the US would “pave the way for Saudi Arabia to sign the WTO (entry) agreement in Hong Kong at the end of the year,” Makboul said, referring to the WTO’s upcoming ministerial meeting in December.
To gain entry into the WTO, Saudi Arabia must negotiate a bilateral market access deal with any of the 148 WTO members that requests one. It also must negotiate a multilateral agreement with all WTO members to bring its trade regime into line with international rules.
In his television interview, Al-Assaf also said that Saudi Arabia and the US had agreed to expanding commercial and investment cooperation. “The agreement includes US commitment to facilitate issuance of entry visas for Saudi businessmen and students as well as patients who wanted to receive treatment at US hospitals,” he said.
The two sides have also agreed to establish a higher committee to strengthen relations. “This will certainly promote US investments in the Kingdom,” the finance minister said. He hoped the two countries could soon sign bilateral agreements on avoiding double taxation and protection and promotion of mutual investments.
Al-Assaf emphasized the importance of Saudi-US Business Council in boosting trade relations and promoting business visits aimed at expanding trade and investment relations between the two countries.
During his meeting with Prince Abdullah, Bush has agreed to facilitate travel of Saudi businessmen and students to the US. “The US recognizes we must exert great efforts to overcome obstacles facing Saudi businessmen and students who wish to enter the US, and we pledge to our Saudi friends that we will take on this effort,” the joint statement said.
