GENEVA, Oct. 28(Xinhuanet)-- Saudi Arabia, the top global oil exporter, won the green light to join the World Trade Organization(WTO) after 12 years of tough negotiations, the WTO said here on Friday.

During a session at the WTO's Geneva headquarters, a working party, including all major members of the WTO, approved the final package of Saudi entry terms and agreed to pass them on for endorsement to a meeting of the body's ruling General Council on Nov. 11.

If the Middle East kingdom can rapidly finish remaining formalities, it could become the 149th member of the WTO as early as mid-December.

The decision was hailed as"an historic occasion" by WTO Director-General Pascal Lamy and as"a victory for the principles and objectives of the multilateral trading system" by Saudi Commerce Minister Hashim A. Yamani.

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. Enditem