Saudi Arabia Vision 2030 Impact On WTO Treaty Obligations.

Abstract

Saudi Arabia's accession to the World Trade Organization WTO in 2005 was a significant milestone in the country's economic development. The WTO is a global organization that sets rules for international trade, and its membership gives Saudi Arabia access to a wide range of benefits. WTO members agree to reduce or eliminate tariffs and other trade barriers on goods and services. Lower tariff makes it easier and cheaper for Saudi businesses to export products and services to foreign markets and for Saudi consumers to import foreign goods and services.WTO membership makes Saudi Arabia a more attractive destination for foreign investment. Investors are more likely to invest in countries that are members of the WTO because they know that WTO rules will protect their assets. The WTO has a dispute settlement mechanism (DSM) that permits members to resolve trade disputes peacefully. The DSM helps to avoid trade wars and other disruptive trade conflicts. Saudi Arabia Vision 2030 is a national economic development plan that aims to diversify the Saudi economy and reduce its dependence on oil. The WTO can play a significant role in helping Saudi Arabia to achieve its Vision 2030 goals. Saudi Arabia's non-oil exports have increased significantly since joining the WTO due to several factors,including lower tariffs and trade barriers and access to foreign markets. Saudi Arabia has attracted a significant amount of foreign investment since the country joined the WTO. This investment has helped to develop new sectors of the Saudi economy, the Saudi government since then has partnered with foreign investors to develop new sectors. The WTO is helping to create jobs in Saudi Arabia by making it easier for Saudi businesses to develop new sectors and to export their products and services to foreign markets. The Saudi government estimates that the WTO has created over 1 million jobs in the Saudi economy. Overall, Saudi Arabia's accession to the WTO has positively impacted Saudi Vision 2030. This study starts with a historical introduction to the General Agreement on Trade and Tariffs and its transformation into the WTO followed by an explanatory description of institutions and agreements inside the WTO and why countries seek to join the WTO. In the second section, we examine in depth the dynamics behind Saudi Arabia's accession negotiation for joining the WTO, analyzing the concessions, obligations, and FTA made by Saudi Arabia to join the WTO. The third section thoroughly examines the dispute settlement understanding, the problem of enforcement, the conflict of jurisdiction between WTO and the FTA, and how doctrine and jurisprudence settle the conflict. The fourth section gives an overview of Vision 2030 and its key goals, followed by analytical assessment of Saudi Arabia's current treaty obligations.