A working party, including all major trading nations in 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.

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.

Approval in the Council is seen as a foregone conclusion, and will clear the way -- if Riyadh moves rapidly to wrap up remaining formalities -- for the country to attend a major WTO ministerial meeting in Hong Kong in December as a full member.

Entry of the kingdom, which will bring WTO membership to 149, is likely to open its long-protected but growing economy to the outside world -- a fact that has worried some elements in the Saudi Islamic religious establishment.

It is expected to boost foreign investment, providing funds for diversification of the largely oil-based economy, and bring new export opportunities for Saudi firms, especially in the petrochemical industry.