Oiling Trade

Saudi Arabia agrees to cut import duties and open its agriculture, goods and services markets, including oil markets, to the US. Saudi Arabia agrees to cut import duties and open its agriculture, goods and services markets, including oil markets, to the US. The owner of a quarter of the world’s known oil reserves made its pact with the US, as part of its on going negotiations to join the World Trade Organisation (WTO).

“The United States has been working with Saudi Arabia for over a decade on its Membership bid. The negotiations have been tough given the complexity of the issues,” said a statement from the United States Trade Representatives office.

But last week, the oil producer agreed to open oil and gas exploration and development, pipeline transport of fuel, management consulting, technical testing and analysis and maintenance of equipment, to US companies.

Other service sectors in line for gradual opening up includes banking and securities, Saudi Arabia’s traditional Islamic insurance system, telecommunications, audio visual services, transport, hotels and restaurants, business, distribution and environme