The Law Applicable In The Event Of a Conflict Between The Internal Order Of The Kingdom Of Saudi Arabia And World Trade Regulations

World Trade Organization is considered a relatively recent financial entity, as it was founded in 1995, in Geneva – the capital city of Switzerland. The Article II of Marrakesh Treaty, which established the World Trade Organization, stipulates that all trade settlements and contracts under the treaty are intrinsic elements that function as a unified whole, and consequently, the organization itself constitutes the official framework, which legitimizes the trade relationships among all members; particularly in the issues related to the agreements and legal instruments associated with, in order to achieve the key objective of establishing the organization, represented in guaranteeing the smooth and unobstructed flow of world trade with as much straightforwardness and sufficiency, along with eliminating all restrictions on circulation of goods and services.

The accession to World Trade Organization conventions and agreements is an important step and urgent necessity, in the view of the economic importance of the organization and its vital role in the area of trade and development. To achieve such a necessity, it is of absolute demand to change numerous existing local systems and regulations to keep pace with the current economic reforms, which can facilitate and operationalize the positive strides that Kingdom government made to ensure greater transparency in the handling of the economic process and enhance the economic sector capability, capacity, and mobility so that it diversifies its paths and generates additional streams, taking advantage of these deliberate reforms, which help create a climate conductive to both foreign investments and outward-investing money recovery.