Undersecretary of the Ministry of Commerce and Industry for Technical Affairs Dr. Mohammed Bin Hamad Al-Kathiri, who is heading the Saudi delegation to the 8th ministerial conference of the World Trade Organization (WTO), has stressed the importance of the multilateral trading system to facilitate trade movement. In a speech delivered at the first day of the three-day conference which was concluded Saturday in Geneva, Al-Kathiri said the commitment to free trade is a prerequisite for economic prosperity. He added that the Saudi government is keen to preserve the freedom of trade and fight protectionism and that it avoided imposition of any restrictions during the global financial crisis in line with the rules and the WTO agreements and the Kingdom's commitment to the positions of the Group of Twenty. He further said the Kingdom has fulfilled its obligations to the WTO and that Saudi Arabia is keen to end the Doha Round of negotiations in the light of commitment to the basic principles governing the Round. Dr. Al-Kathiri said the Kingdom, which is playing the role of coordinator of the Arab group at the organization, calls for approving Arabic as an official language of the organization. On the sidelines of the conference, he held meetings with officials of China, Malaysia, Singapore and Sweden aimed at boosting commercial relations between the Kingdom and these countries and promoting investment in Saudi Arabia. - SG/SPA As the world's largest oil exporter, the 23rd largest importer, and the largest economy in the Middle East, Saudi Arabia is a global trade power. To become a member, Saudi Arabia made major commitments to reduce tariffs, open services sectors of the economy to greater foreign participation, and to implement all WTO rules upon membership without recourse to transition periods. This means that when Saudi Arabia became a member, it was committed immediately to an intellectual property rights environment, a foreign investment environment, transparency in trade issues, legal recourse for trade partners, and elimination of technical barriers to trade, all in compliance with WTO requirements. Saudi Arabia also agreed to join several sectoral initiatives upon accession that lower tariffs and other trade barriers for telecommunications services, information technologies, pharmaceuticals, civilian aircraft and parts, and chemicals. The Kingdom's membership in the WTO is broadly positive for the economy. There is no single agreement or commitment to the WTO that dramatically effects the economy. Rather, it is the cumulative impact of the hundreds of incremental changes that is broadly positive for growth. This is already demonstrated by accelerating growth of the non-oil private sector over the years of negotiation. From 1990-1995, private sector GDP growth averaged 1.7 percent per year. From 2000-2005, growth accelerated to average 5 percent per year.
