Impacts of WTO on Saudi Arabia

The World Trade Organization (WTO) is the successor organization to the General Agreement on Tariffs and Trade (GATT). The WTO is one form of global governance actively supported by global business firms in particular and national governments in nation states with major global business firms. Support for the WTO comes primarily from the major developed economies. In spite of the support for the WTO among the major developed economies, however, each of the major developed economies continually attempts to circumvent the rules to provide benefits for benefits for global business firms from their own country at the expense of global business firms from other countries.

WTO efforts to further liberalize global trade have faltered over the past few years in the face of public opposition to globalization manifested in violent public protests at Seattle, Quebec City, and Genoa. The hope of the WTO was the meeting in somewhat remote and isolated Doha, Qatar would lead to agreement among WTO members to approve continuing negotiations toward further global trade liberalization. Essentially, all that has thus far been agreed is that the major economies and the developing economies should continue to talk.

In spite of the acrimony surrounding the WTO, most developing countries recognize that benefits are available through WTO membership is equitable terms can be negotiated. One such developing economy is Saudi Arabia. Saudi A

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entral banking in the economy of Saudi Arabia, WTO membership will lead to: Increased pressure on the Saudi Arabian Monetary Authority (SAMA) to allow the rial to float Curtailed ability of the SAMA to implement policies designed to improve the competitive position of domestic companies in Saudi Arabia 1.5 Relevance of the Study: Differences in the functioning of financial markets in different economies create potentially serious threats to companies that attempt to operate globally. Thus, the higher the level of commonality in the functioning of financial markets the lower the system-related risk to global companies and investors. The issue of the integration of domestic and global financial markets is a vexing problem in Saudi Arabia, where a combination of the framework of Islamic economics and a paternalistic financial system with close links to ruling families tends to resist full public disclosure and open financial markets. The adoption of Islamic economics, which prohibits (a) the charging and collection of interest and (b) speculation, by Saudi Arabia led to restrictions on the process of sharing ownership in companies, thereby lessening the demand for full disclosure and standardised reporting procedures. This

Category: Economics - I