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Saudi Arabia completes talks with U.S. on WTO membership Sign up for business enewsletters  Get the jump on business news with IndyStar.com's Fresh Start and Mid-Day Update newsletters. Register today Tom Wood Lexus
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Huge Price Reduction! Every Vehicle Below Book Value Quality Luxury Imports BMWs, Lexus, Mercedes only at Coast to Coast Huge Price Reduction! Every Vehicle Below Book Value Quality Luxury Imports BMWs, Lexus, Mercedes only at Coast to Coast View all Top Car Deals Washington (AP) -- The Bush administration said Friday that it had successfully completed negotiations with Saudi Arabia over that country's application to join the World Trade Organization. U.S. Trade Representative Rob Portman said the agreement reached between the two countries would provide new export opportunities for U.S. farmers, manufacturers and service industries. The agreement with the United States was one of the last major hurdles to the country's WTO membership. Saudi Arabia now must complete negotiations at the WTO in Geneva on the formal document that will set the terms under which the world's largest oil producer will become a member. Saudi Arabia has been trying for more than a decade to become a member of the 148-nation Geneva-based organization that sets the rules for world trade.
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The current members of the WTO
Saudi Arabia signed on Friday a trade agreement with the United States, which was considered to be one the last major hurdles to the World Trade Organisation membership of the kingdom. Now, Saudis have to complete negotiations at the Geneva-based WTO on the formal accession document.

The deal opens Saudi markets to US farm and manufactured goods, as well as most services, including IT, financial, energy and tourism sectors. It also forced Saudis not to boycott US companies which are doing business with Israel.

The kingdom also promised to have normal trade relations with all 148 WTO members, which include Israel.

The other problem remains a Saudi-EU row over gas prices. The EU officials accused Saudi Arabia of selling the natural gas to their home petrochemicals at rates below international market prices, which could cause losses to the European producers.