[Washington, DC] -- The Kingdom of Saudi Arabia and the European Union have signed a bilateral agreement guaranteeing free access to goods and services. The agreement is part of the Kingdom’s bid to join the World Trade Organization (WTO), which could happen as early as 2004. In the accession process, the Kingdom is negotiating bilateral agreements with current WTO members while adopting the organization’s trade rules. Saudi Arabia has already signed 14 bilateral trade agreements with other members of the WTO, including Japan, Canada, Brazil, Argentina and Australia.
Ambassador to the United States Prince Bandar bin Sultan stated: “The conclusion of this most recent agreement is a further indication of Saudi Arabia’s determination to join the WTO. The bilateral agreement with the EU brings us one step closer to our goal of accession.”