Saudi Arabia has, of course, applied for membership, along with 32 other nations, including Oman and Jordan. Overall, those that have applied represent one sixth of the world's GDP, a tremendous potential market for American goods. To gain membership, countries must open their markets by reducing tariffs. They must pass and enforce laws on intellectual property rights. We hope the Kingdom puts in place the actions required, so in Seattle, Saudi Arabia has a seat at the table.
Membership is important.
It is important to America, to find new trading partners. We have only 4 percent of the world's people, and we have to sell to the other 96 percent if we want to improve our standard of living. It is important to the new members, because it protects against discriminatory treatment of exports. And, I think it is good because it requires economic reforms that will result over time in a more competitive and prosperous economy. But those that have, like Korea, are the ones recovering the fastest.