Fawzi Alalami, the Undersecretary of the Saudi Ministry of Commerce and Industry in charge of the Kingdom's file of accession to the World Trade Organization, said he expects that all talks relating to the Kingdom's accession to the WTO will be concluded within the coming weeks. In a press statement, he said the Kingdom is currently finalizing the necessary requirements to join the organization. As we have overcome a number of obstacles, including intellectual ownership rights, customs tariffs, legislative laws development and liberalization of insurance industry, few matters remain to be settled, he said. In response to a question, he expressed belief that Saudi Arabia would prove that it is the home of investment opportunities for foreigners, citing the 20 percent tax on profit companies. Saudi Arabia's full accession to the WTO is coming very soon, he concluded.
