The U.S.-Saudi Arabian Joint Commission on Economic Cooperation

The United States-Saudi Arabian Joint Commission on Economic Cooperation, established on the heels of the Arab oil embargo and price increases, fosters closer political ties between the two countries through economic cooperation; assists Saudi industrialization and development while recycling petrodollars; and facilitates the flow to Saudi Arabia of American goods, services, and technology. The Commission has a system of parallel command in which the United States Secretary of the Treasury and the Saudi Minister of Finance and Economy serve as co-chairmen and the U.S. Assistant Secretary of Treasury for International Affairs and the Saudi Deputy of Finance serve as coordinators.