GENEVA, Switzerland – The first reviews of the Kingdom’s trade policies since it joined the World Trade Organisation have begun at the WTO headquarters in Geneva. The Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al-Rabeah, is heading the Kingdom’s delegation at the meetings which will run for three days.

In his opening speech Dr. Al-Rabeah said Saudi Arabia sees the review as a chance to enhance trade policy transparency.
“We attach great importance to such a review and we will benefit from constructive comments WTO members provide.”

He pointed out the Kingdom’s enhanced economic competitiveness, which has made it the first country in the Middle East and 12th in the world according to the Global Competitiveness Forum report, issued by the World Bank 2011.
He praised King Abdullah’s strategic development policy which resulted in positive economic results and in an increase in gross domestic product. He also revealed the Kingdom will continue the same policy for the future which will lead to further increases in GDP. He pointed out the Kingdom provided huge financial incentives to reduce the impact of global financial crises which contributed to reviving global demand.
He also drew attention to the fact that the Kingdom did not impose any trade restrictions despite the slow global economy.

The Minister also highlighted the Kingdom’s opening up doors to foreign investment in petrochemicals, wireless communications, mining and other vital economic fields.
“The Kingdom’s policy to increase trade proves the Kingdom’s compliance with WTO regulations,” he said.

Other merits include the Kingdom’s efforts to safeguard patents, by setting up committees to inspect patents and look into copyrights laws violations.
“The Kingdom has made great strides in protecting the rights of intellectual property and successfully prevented attempts to import materials that violate these rights,” Al-Rabeah said.
The Kingdom intends to protect intellectual property rights for the products of all countries, he added. — SG/SPA

GENEVA, Switzerland – The first reviews of the Kingdom’s trade policies since it joined the World Trade Organisation have begun at the WTO headquarters in Geneva. The Minister of Commerce and Industry, Dr. Tawfiq Bin Fawzan Al-Rabeah, is heading the Kingdom’s delegation at the meetings which will run for three days.

In his opening speech Dr. Al-Rabeah said Saudi Arabia sees the review as a chance to enhance trade policy transparency.
“We attach great importance to such a review and we will benefit from constructive comments WTO members provide.”

He pointed out the Kingdom’s enhanced economic competitiveness, which has made it the first country in the Middle East and 12th in the world according to the Global Competitiveness Forum report, issued by the World Bank 2011.
He praised King Abdullah’s strategic development policy which resulted in positive economic results and in an increase in gross domestic product. He also revealed the Kingdom will continue the same policy for the future which will lead to further increases in GDP. He pointed out the Kingdom provided huge financial incentives to reduce the impact of global financial crises which contributed to reviving global demand.
He also drew attention to the fact that the Kingdom did not impose any trade restrictions despite the slow global economy.

The Minister also highlighted the Kingdom’s opening up doors to foreign investment in petrochemicals, wireless communications, mining and other vital economic fields.
“The Kingdom’s policy to increase trade proves the Kingdom’s compliance with WTO regulations,” he said.

Other merits include the Kingdom’s efforts to safeguard patents, by setting up committees to inspect patents and look into copyrights laws violations.
“The Kingdom has made great strides in protecting the rights of intellectual property and successfully prevented attempts to import materials that violate these rights,” Al-Rabeah said.
The Kingdom intends to protect intellectual property rights for the products of all countries, he added. — SG/SPA