In the communiqué, the Kingdom of Saudi Arabia and the Republic of South Korea praised the efforts exerted by U.S. President Bill Clinton which paved the way for the Wye Memorandum between the Palestinians and the Israelis, and hoped that this step would positively contribute to the realization of peace in the region. While expressing admiration for the agreement, the two sides also called for resumption of talks on the Syrian-Israeli and Lebanese-Israeli tracks, and the implementation of UN resolution 425.
The communiqué said that while in Seoul, Crown Prince Abdullah had reviewed with South Korean officials a number of issues. The two countries underscored the importance of peace and stability in the Middle East and northeastern Asia, and urged the concerned parties to work for realization of a just, durable and comprehensive peace in the region, based on the principles of the Madrid Conference, the United Nations resolutions, and the land-for-peace principle. They also called for implementation of the articles of all agreements, and for avoidance of all kinds of unilateral measures that might have an adverse impact on the final negotiations pertaining to Jerusalem.
The communiqué said the two sides expressed deep concern over the decision of Iraq to suspend its cooperation with the UN Special Committee and urged Iraq to demonstrate good intentions towards its neighbors and adhere to the Security Council's resolution 1194. They expressed sympathy with the Iraqi people and expressed satisfaction over resolutions 986 and 1153 as addressing the humanitarian needs of the Iraqi people. The two sides said the best manner for ending the sufferings of the Iraqi people is the compliance of the Iraqi government with UN resolutions, and reiterated the importance of preserving Iraq's sovereignty, independence and unity.
The two sides deplored the phenomenon of terrorism and said combating it requires international efforts under the supervision of the United Nations. The two sides underlined the importance of exerting efforts to prevent proliferation of weapons of mass destruction and urged the countries which have not yet signed the Nuclear Non-Proliferation Treaty to do so.
On South Korea's policy pertaining to its relations with North Korea, the two sides hoped that this policy would pave the way for co-existence based on reconciliation and mutual confidence. The two sides viewed organizing the development of energy on the Korean peninsula as an effective measure for controlling the North Korean program for developing nuclear weapons. They also highlighted the Geneva talks pertaining to easing tension on the Korean peninsula and hoped that these would yield a positive outcome.
The two sides underlined the importance of economic development and called for enhancing commercial and investment exchange between them. They agreed to raise the status of the joint commission to ministerial level. The Korean side expressed a desire to enhance its cooperation with Saudi Arabia in the spheres of water, electricity, manpower, railways, and other joint ventures. The two sides agreed to sign a bilateral agreement to encourage and protect investments and another to avoid dual taxation. They decided to establish a joint council for businessmen in the two countries.
The Korean side expressed appreciation for the system of free enterprise prevailing in the Kingdom, and expressed support for Saudi Arabia's admission into the World Trade Organization. The two sides underscored the importance of stabilization of the world oil market, and the Korean side praised the Kingdom's balanced policy in this respect in its capacity as a reliable source for petroleum supplies to the world markets, including that of South Korea. Crown Prince Abdullah expressed appreciation for the warm welcome extended to him and his accompanying delegation by the Korean officials, and extended an invitation from Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz to President of South Korea Kim Tae-chung to visit the Kingdom of Saudi Arabia, an invitation which was accepted.