One of the first steps towards the implementation of the Nixon-Rabin joint statement of 17 June, was the visit to Israel of Secretary William Simon. A joint Israel-U.S. committee for investment and trade was established and the work of other joint committees was outlined. Text:
During the visit of United States Secretary of Treasury, William Simon, to Israel, July 16-18, he met with Prime Minister Rabin, Deputy Prime Minister and Foreign Minister Allon, Finance Minister Rabinowitz, Minister of Commerce and Industry Bar-Lev, Defence Minister Peres and Governor of the Bank of Israel Zanbar, and other senior members of the Israeli Government.
It was agreed that the talks, held in an atmosphere of cordiality and understanding, marked a fruitful and constructive first step toward implementing the joint statement of President Nixon and Prime Minister Rabin of June 17. Secretary Simon was fully briefed on the Israeli economic situation today, and the forecast for the future. The briefing covered the subjects of long-range economic needs, the encouragement of American private investment in Israel, means to strengthen U.S.-Israel bilateral economic relations and other goals to be achieved within the principles embodied in the joint statement. The Prime Minister and his colleagues described the heavy defence burden that Israel continues to bear as it endeavours with its neighbors to achieve a just and durable peace in the Middle East, and the impact of this burden on Israel's economy and its Government's efforts to build a better life for its citizens. They requested that the funding required for long-range defence procurement agreements be provided as soon as possible. The need for rapid economic development of Israel was also discussed.
Secretary Simon noted the excellent impression he had gained in this, his first visit to Israel, of the prevalent dynamism and spirit of self-help evident in Israeli economy. He assured the Prime Minister of the United States' continuing strong support for Israel's security and economic development.
It was agreed that the United States and Israel would establish a Joint Committee for Investment and Trade to be chaired jointly by Secretary Simon and Minister Rabinowitz. Participating in the work of the Committee would be other officers of Cabinet level from both countries. Four sub-committees would operate under the Joint research and development activities. The desirability of a U.S.-Israel Trade and Investment Council was discussed, to be composed of participants from the private sectors of both countries. Both Governments agreed to explore, as soon as possible, ways in which such a Council could be established, and the means to bring to the attention of the business community in the U.S. that investment in Israel is in the common interest of the U.S. and Israel.
It was further agreed that the work of organizing the sub-committees would begin immediately in preparation for an early meeting of the Joint Committee, not later than November. Secretary Simon has invited Minister of Finance Rabinowitz to Washington for this meeting, and to discuss other matters of common interest. Minister Rabinowitz has accepted.
At the conclusion of Secretary Simon's visit, the Prime Minister and the Secretary expressed their satisfaction that already, one month after President Nixon's visit to Israel, the firmer and more clearly defined structure of consultation and cooperation envisaged by the Joint Statement of June 17, was taking an effective form.