Two of the world's largest aerospace manufacturers -- Boeing Co. and Embraer SA -- on Monday announced that they have agreed to jointly develop new aircraft features and technologies.

Chicago-based Boeing (IW 500: 15) and Sao Paulo, Brazil-based Embraer (IW 1000: 644) will "pursue several areas of cooperation, including commercial-aircraft features that enhance safety and efficiency, research and technology, and sustainable aviation biofuels," Boeing said in a news release.

"They will also look for other areas to work together to bring mutual benefit and value to customers," the company added.

Monday's announcement is the latest cooperative agreement between Boeing and its rivals.

In July 2011, Boeing and Embraer announced plans to jointly fund an analysis of opportunities to produce sustainable aviation jet fuel from sugarcane.

In March, Boeing, Embraer and France-based Airbus SAS said they will work together on the development of drop-in affordable aviation biofuels.

Frederico Curado, president and CEO of Embraer SA, and Jim Albaugh, president and CEO of Boeing Commercial Airplanes, signed this latest agreement during the visit of Brazil President Dilma Rousseff to the United States and following the annual meeting of the U.S.-Brazil CEO Forum.

Curado and Albaugh are co-chairs of the CEO forum's aviation subcommittee.

"This significant agreement between two proven aerospace leaders provides real opportunities to reduce customers' operational costs and enhance fleet efficiency," said Jim Albaugh, president and CEO of Boeing Commercial Airplanes. "We look forward to working with Embraer to grow our industry and build a productive relationship that will benefit our companies and our countries."

Boeing and Embraer announced their pact on the same day that the U.S. and Brazilian governments signed a memorandum of understanding to increase cooperation between the two countries on civil aviation.

Embraer last year began manufacturing business jets at its new production facility in Melbourne, Fla. In December, the company opened a 58,000-square-foot global customer center in Melbourne.

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