U.S. treasury and commerce delegations visit Saudi Arabia

High-level delegations from the U.S. Departments of Treasury and Commerce visited Saudi Arabia in March for discussions on bilateral trade, cooperation in combating terrorism and other issues. During a three-day visit to Riyadh, U.S. Secretary of Treasury Paul O’Neill met separately with the Custodian of the Two Holy Mosques King Fahd bin Abdulaziz, Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz, Minister of Interior Prince Naif bin Abdulaziz and senior Saudi officials.

Secretary O’Neill also co-chaired, with Minister of Finance and National Economy Dr. Ibrahim Al-Assaf, talks within the framework of the Joint Saudi-American Commission for Economic Cooperation, which has held regular meetings since 1975. The meeting was also attended by Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari and other Saudi and U.S. officials. Dr. Al-Assaf spoke of the economic situation in Saudi Arabia, its prospects for the future and the ongoing program of reforms aimed at enhancing economic growth. The two sides also reviewed efforts to combat money laundering and the financing of terrorism, and agreed to continue their cooperation and consultation in these fields.

Meanwhile, Dr. Ibrahim Al-Assaf met in Riyadh in March with U.S. Commerce Undersecretary Samuel Bodman and his accompanying delegation, with whom he exchanged views on developing economic and commercial relations between the two countries, promoting the role of the U.S.-Saudi Business Council and enhancing the Kingdom’s efforts to join the World Trade Organization (WTO). They also reviewed the Kingdom’s privatization program, which includes the sectors of electricity, telecommunications, water desalination and petrochemicals, as well as Saudi Arabian Airlines. Mr. Bodman also met with Minister of Commerce Osama Faqih.

Addressing a press conference prior to his departure from Riyadh, Mr. Bodman described Saudi Arabia as one of America’s major commercial partners and declared that he had come to Saudi Arabia to express appreciation for the Kingdom’s support for U.S. efforts to combat terrorism. He said the two sides also explored ways of promoting bilateral trade, which totaled 80.63 billion Saudi riyals (21.5 billion U.S. dollars) in fiscal 2000. He added that there are 238 Saudi-American joint ventures representing an investment of 65.2 billion riyals (17.3 billion dollars). Mr. Bodman reiterated U.S. support for the Kingdom’s admission to the WTO.