WORLD TRADE WT/MIN(96)/ST/79
11December 1996
ORGANIZATION(96-5247)
Original: English MINISTERIAL CONFERENCE
Singapore, 9-13December 1996
SAUDI ARABIA
Statement byH.E. Mr.Osama J.Faquih
Minister ofCommerce
(Speaking asanObserver)
Iwould liketocongratulate theGovernment andpeople ofSingapore fortheexcellent
arrangements forthisimportant Conference andtothank themfortheirwarm hospitality. Mythanks
andappreciation arealsoextended totheDirector-General andstaffoftheWTO forthehardwork
thathasgoneintopreparing forthisevent.
With theestablishment oftheWTO, theinternational community hasbothauniversal trade
organization withalegalstatus onaparwiththatoftheBretton Woods institutions andofcourse a
newsetoftrade rulesandcodes ofconduct. Moreover, there arenowmore robust dispute settlement
rulesforresolving inter-State disputes thatareaconcomitant ofexpanding tradeinourglobal economy.
Wetakenotewithsatisfaction thattheWTO hasutilized itsfirsttwoyears wellinconsolidating
theresults oftheUruguay Round andinestablishing itsorganizational structure.
Thereports oftheCouncils andCommittees oftheWTO before thisConference amply
demonstrate theuseful work doneandtheissues thatneedtobeaddressed inthecoming years.
TheKingdom ofSaudi Arabia istaking partinthisfirstMinisterial Conference oftheWorld
Trade Organization asanobserver. TheKingdom is,however, onitswaytobecoming aMember
oftheWTO. Wearealready wellintotheprocess ofaccession. Twoproductive meetings ofthe
Working Party ontheAccession oftheKingdom havebeenheldthisyear. Wearecommitted topursuing
theaccession onanexpeditious basis, andwilling tomove inaspirit ofmutual advantage.
Wearealso,consistent withourdevelopment anddiversification needs, prepared tonegotiate
commercially meaningful schedules ofcommitments, withthetarget ofjoining theWTO before the
endofnextyear. Webelieve that,withthesupport ofWTO Members, thistarget isattainable.
Saudi Arabia isanation withalong-standing tradition intrade. Ourtrade isglobal inscope
andisavitalcomponent ofoureconomy.
Ourwidespread trade interests andourtradition ofinternational economic cooperation ledus
toseekmembership intheWTO. Ourdecision hasalsobeeninfluenced bythefactthatthisnew
Organization isbecoming trulyuniversal inscope andenjoys aninternational legalstatus.
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Therefore, wehaveconcluded thatitisinSaudi Arabia 'sbestinterest, tobring ourdiverse
andexpanding trade relations inharmony withasingle body oflegal rights andobligations, based
ontheMFN principle, which isadministered bytheWTO.
Wealsobelieve ittobeintheinterest ofWTO Members tofacilitate Saudi Arabia 'saccession.
Weareoneofthelargest market-based economies remaining outside theOrganization. Ourimport
market canonlygrow asoureconomy diversifies. Ourcurrent trade policies areopenandliberal;
ouraccession willgiveourWTO partners thesecurity andpredictability ofmarket access based on
theinternational treaty rights theywillacquire.
Moreover, considering ourworldwide tradeandeconomic links, itisnatural forSaudi Arabia
topromote international cooperation ineconomic matters andtoparticipate actively inmultilateral
andregional economic institutions. Saudi Arabia isanactive player bothasamajor creditor anddonor
intheBretton Woods institutions. Webelieve, andourrecord proves, thatourroleintheIMFand
World Bank hasalways beenaconstructive one. Ourmembership intheWTO would therefore be
alogical complement tothisrole.
Although mydelegation isattending thisConference asanobserver, ourpresence here
demonstrates oursupport tothework oftheWTO andourdesire tocontribute tothesuccess ofthis
Conference.
Welookforward toparticipating actively asafullMember inthenextconference oftheWTO.