The World Trade Organization (WTO) members passed the final package of Saudi Arabia's entry terms at a special session here on Friday.

The Middle East kingdom will formally be admitted to the WTO on Dec. 11 after 12 years of negotiations, thus becoming the 149th member of the global trade body, WTO spokesman Keith Rockwell said.

"Saudi Arabia has always believed in a free economy and liberal market operations," Saudi Commerce Minister Hashim A. Yamani said in Geneva.

He believes that the accession will further integrate Saudi Arabia's economy into the world economy.

Entry of the kingdom is likely to open its long-protected but growing economy to the outside world.

The accession is expected to boost foreign investment, which will provide funds for the diversification of the country's oil-based economy and bring new export opportunities to Saudi firms, especially in the petrochemical industry.

Source: Xinhua