The kingdom's minister for commerce and industry, Hashim Yamani, signed the protocol of accession, which means that Saudi Arabia will become a full member on Dec. 11, just days before a big WTO meeting in Hong Kong.
Mr. Yamani told delegates that the "door has been opened for one of the largest free-market economies to become a member.
To join, Saudi Arabia agreed to scrap all economic boycotts and it pledged not to resort to any future discriminatory trade measures against the Jewish state, diplomats said.
Restrictions on foreign investment in banking, insurance, telecommunications and other service industries had also been an obstacle.
The Saudi protocol will allow foreign ownership of up to 60 percent for banking and insurance, and up to 70 percent for telecommunications.
Pascal Lamy, WTO director-general, said in the accession process Saudi Arabia "undertook important economic reforms, which it is fair to say have touched virtually all sectors of its economy."
As the WTO works on bringing in more nations in the middle east we can see a end to tensions with Israel around the corner.
This is the reason why I am thinking about redoing my focus in IR
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