Saudi Arabia said Sunday it will hold a new round of negotiations with the United States aiming to eliminate remaining obstacles in the way of the kingdom's accession to the World Trade Organisation (WTO).
A technical team from the ministry of trade and industry led by deputy minister Fawaz al-Alamy will head to Washington for a "decisive round of bilateral negotiations between September 9-13," according to a statement from Alamy's office. "The team is expected to discuss the draft report of the working group and finalise the paragraphs concerning the protection of intellectual property, as well as import licenses, and obstacles to the flow of trade," it said.
The negotiations will also assess a number of commercial, financial and investment regulations the kingdom issued recently in compliance with WTO rules.
The Saudi team will head afterwards to Geneva to participate in multilateral negotiations on September 17. Saudi Arabia is hoping to conclude a deal to join the WTO before the end of 2004.
However, the United States said during meetings in June that it still had outstanding concerns about the liberalisation of the insurance industry in Saudi Arabia.
The European Union also raised concerns about the Saudi insurance regulations and dual pricing for gas in the oil-rich Gulf state.
Under WTO rules, a country wishing to join the organisation must agree on arrangements with its main trading partners regarding market access and cutting customs duties, which are subsequently widened to all other WTO members.
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