In 1972, the total value of the Kingdom's imported goods and materials from United States was $ 314 million, and the Kingdom's exports were $ 194 million. In June 8 ,1974, economic relations between the two countries moved on to a new phase of cooperation, after the Custodian of the Two Holy Mosques King Fahd bin Abdulaziz Al Saud signed a joint statement with the United States on establishment of the US-Saudi Joint Committee for Economic Cooperation to meet the Kingdom's needs from materials and expertise at the stage where the Kingdom was experiencing a dramatic increase in development projects. Trade and economic relations between the Kingdom of Saudi Arabia and America is subjected to several agreements, particularly the (Technical Cooperation between the Governments of the two countries) . --More 03:55 LOCAL TIME 00:55 GMT www.spa.gov.sa/w