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:
“We are the trade union for pensioners and children, the trade union for the disabled and the sick ... the trade union for the nation as a whole.”
—Edward Heath (b. 1916)
“The Creator has not thought proper to mark those in the forehead who are of stuff to make good generals. We are first, therefore, to seek them blindfold, and then let them learn the trade at the expense of great losses.”
—Thomas Jefferson (1743–1826)
“I look on trade and every mechanical craft as education also. But let me discriminate what is precious herein. There is in each of these works an act of invention, an intellectual step, or short series of steps taken; that act or step is the spiritual act; all the rest is mere repetition of the same a thousand times.”
—Ralph Waldo Emerson (1803–1882)