BRUSSELS, Aug 29: The European Union has agreed to back Saudi Arabia’s candidacy to join the World Trade Organization (WTO), a spokesman for European Trade Commissioner Pascal Lamy said on Friday.
“Mr. Lamy will leave for Saudi Arabia to sign this accord on Sunday. With today’s conclusion (of an accord) Saudi Arabia is a little closer to membership,” said spokesman Arancha Gonzalez.
The 15-member bloc is Saudi Arabia’s biggest trading partner. Under WTO rules a country wishing to join the organization must agree arrangements with its main trading partners on market access and cutting customs duties, which will subsequently be widened to all other WTO members.
The candidate must then make a commitment to ensure that its trade legislation complies with all WTO rules, as the last step before actually becoming a member.
Before reaching that stage Riyadh must conclude bilateral negotiations with the United States, its second trading partner. The EU and the US are the only WTO members with which it must reach agreements.
Lamy’s spokesman declined to reveal details of trade concessions agreed by Saudi negotiators with the EU ahead of the weekend signing of the accord in Riyadh, beyond saying that they mainly concerned goods and services.—AFP
