Saudi Arabia has an oil-based economy with strong government run economic activities. The government is encouraging private sector growth to lessen the kingdom's dependence on oil and increase employment opportunities for the growing population. Export products from Saudi Arabia include petrochemicals, plastics, metal goods, construction materials, and electrical appliances.
As part of its efforts to attract foreign investment and diversify the economy, Saudi Arabia acceded to the WTO in 2005 after many years of negotiations. Saudi Arabia attracts a great deal of foreign investment, especially since the government is eager to encourage local companies to enter into partnerships with foreign businesses and boost the economy’s non-petroleum sectors.
Saudi Arabia is a founding member of the Organisation of the Petroleum Exporting Countries (OPEC). As a member of the GCC, Saudi Arabia is party to a number of free-trade agreements (FTAs) and FTA negotiations conducted by the economic bloc. The GCC has signed FTAs with Singapore and the European Free-Trade Association. Saudi Arabia is also member of the Greater Arab Free-Trade Area (GAFTA). Some of the trading partners of Saudi Arabia include USA, China, Japan, South Korea and Germany.