Saudi Arabia's bid to join the World Trade Organization (WTO) was slowed by the kingdom's refusal to meet US and European Union demands for a more open market, reported the daily Gulf News.
Because of this snag, said the daily, Saudi Arabia will not join the WTO before 2002.
A senior western official said that Saudis are balking at making concessions in telecommunications, financial services and distribution services.
But a high-level European trade official said that with oil prices at $32 dollars per barrel, the Saudis "are no longer in a hurry" to join the WTO, according to the daily.
Membership in the organization was seen as a means to attract foreign direct investment, but now that economic times are good in the kingdom, those investments are not as important, said the Gulf News – Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
