2005 News Story

Kingdom’s accession to WTO predicted within weeks

At a press conference in Washington DC today, Fawzi Al-Alami, who is the undersecretary at the Ministry of Commerce and Industry in charge of the process for the Kingdom's accession to the World Trade Organization (WTO), predicted that all relevant talks will be concluded within the coming weeks. Saudi Arabia, he said, is currently finalizing the necessary requirements to join the organization. A number of obstacles have been overcome, including intellectual ownership rights, customs tariffs, and liberalization of the insurance industry, and very little remains to be settled. He added that Saudi Arabia has excellent investment opportunities for foreigners, citing the low 20 percent tax on company profits.