Investment set to rise as Saudi Arabia joins WTO

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By Gary Duncan, Economics Editor



FOREIGN investment into Saudi Arabia was being tipped to see a significant boost yesterday after the oil state secured a green light to join the World Trade Organisation from next month.

The WTO’s General Council rubber-stamped a recommendation for Saudi Arabia to become the organisation’s 149th member country, endorsing an internal recommendation made last month.


The approval, which came after 12 years of intense, on-off negotations, cleared the way for the Gulf nation to become a full member of the WTO and attend next month’s ministerial trade negotiations in Hong Kong.

Pascal Lamy, the WTO’s Director-General, said yesterday’s decision was a welcome development. “It is good for Saudi Arabia, it is good for the trading partners of Saudi Arabia, and it’s good for the organisation,” he said.
Investment set to rise as Saudi Arabia joins WTO