FOREIGN TRADE: Half & Half

In the garden of his modern home two miles outside Jedda, Saudi Arabia's shrewd old (60) Finance Minister Abdullah El Suleiman sat down to wait for a visitor. For greater comfort in the muggy 80° heat, he slipped off his sandals. When a U.S. car rolled up, barefooted Abdullah arose, greeted Arabian American Oil Co.'s Executive Vice President Fred A. Davies and ushered him inside.

There, over small earthenware cups of tea and thick coffee, they scratched their signatures to a historic document. When the news of its contents came out last week,...

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