Trade
In recent years, Saudi Arabia sought to join the World Trade Organization. Negotiations have focused on the degree to which Saudi Arabia is willing to increase market access to foreign goods and services and the timeframe for becoming fully compliant with World Trade Organization obligations. In April 2000, the government established the Saudi Arabian General Investment Authority to encourage foreign direct investment in Saudi Arabia. Saudi Arabia maintains a negative list of sectors in which foreign investment is prohibited, but the government plans to open some closed sectors such as telecommunications, insurance, and power transmission/distribution over time. As of November 2005, Saudi Arabia was officially approved to enter World Trade Organization.
Read more about this topic: Economy Of Saudi Arabia
Famous quotes containing the word trade:
“The most conservative man in the world is the British Trade Unionist when you want to change him.”
—Ernest Bevin (1881–1951)
“The last job I had, I had to take it out in trade and this is no butcher shop—not yet, anyhow!”
—Robert Pirosh, U.S. screenwriter, George Seaton, George Oppenheimer, and Sam Wood. Dr. Hugo Z. Hackenbush (Groucho Marx)
“My trade and my art is living. He who forbids me to speak about it according to my sense, experience, and practice, let him order the architect to speak of buildings not according to himself but according to his neighbor; according to another man’s knowledge, not according to his own.”
—Michel de Montaigne (1533–1592)