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Saudi Arabia Joining WTO. INTRODUCTION Saudi Arabia is currently engaged in
negotiations that will result in admission to the World Trade Organization (WTO). ...
... According to the commitment on joining the WTO Saudi Arabia banking market will
fully open and operate under international standards regarding management ...
... consideration are the fall in communism and the joining of the WTO in 2001 ... expansion,
which has brought its products to Pakistan, Saudi Arabia, the Soviet ...
... In addition, Russia will not reap the benefits of joining the WTO if it ... be the number
one country in oil and gas reserves, larger than Saudi Arabia, and is ...
... In addition, 31 countries are in the process of acceding to the WTO including Algeria,
Lebanon, Saudi Arabia, Sudan, and Yemen. ... Not joining the WTO in the ...
Submitted by elcaminopalmero on May 19, 2006
Category: Business
Words: 3278 | Pages: 14
Views: 277
Popularity Rank: 40,385
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INTRODUCTION
Saudi Arabia is currently engaged in negotiations that will result in admission to the World Trade Organization (WTO). This report discusses the impact of WTO accession on the economy of Saudi Arabia. The benefits and negative effects are presented in the report.
1. PROBLEMS AFFLICTING THE SAUDI ECONOMY
1.1 Lack of diversity in sources of GDP
Saudi Arabia: GDP growth since 1997
Lack of diversity in sources of GDP and budgetary revenues continues to impede Saudi economic development. Oil and oil derivatives make up around 90-95% of total Saudi export earnings, 75% of budget revenues and approximately 35-40% of GDP. The government decision in May 2001 to reduce applied tariff rates on most imports to 5% resulted in lower customs receipts accruing to the budget.
Saudi Arabia has 260 billion barrels of proven oil reserves and up to 1 trillion barrels of ultimately recoverable oil. Saudi Arabia is one of the world's largest producers (currently slightly more than seven million barrels per day), exporters and holders of spare oil production (about 3 million barrels per day). Saudi Arabia's share of world oil production has declined from 17% in 1980 to approximately 9% currently. OPEC's decision to maintain production cuts in order to stabilize world oil prices in the $22 to $28 range, has restrained government oil revenues. Despite OPEC's current success in maintaining oil prices, the long-term price trend (and Saudi government oil revenues) will likely be downward, given rising non-OPEC production, more efficiency in usage, new technologies and conservation. Saudi policy makers must diversify the economy to reduce the domestic impact of oil price fluctuations.[7]
1.2 Unemployment
Saudi Arabia faces serious pressures for job creation over the long term. Although unemployment data are generally not officially available, analysts estimate unemployment among Saudi males...
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