Australia and Japan are strengthening cooperation in the areas of defense science and technology under a new bilateral agreement.

The accord -- formally named the Agreement between the Government of Australia and the Government of Japan concerning the Transfer of Defense Equipment and Technology -- was signed Tuesday in Canberra by the prime ministers of the two countries.

Australian leaders called it "an important milestone."

"This Agreement is an important milestone in Australia's defense relationship with Japan and will underpin broader efforts to deepen our practical defense engagement," said Prime Minister Tony Abbott.

Australia and Japan in 2007 had signed a Joint Declaration on Security Cooperation. The countries first cooperative defense science and technology project under the new accord will be the Marine Hydrodynamics Project by Australia's Defense Science and Technology Organization and Japan's Technical Research and Development Institute.

"Japan is a country world renowned for its defense science and technology capabilities," said Australian Defense Minister David Johnston. "The Marine Hydrodynamics Project is a welcome first step in defense science, technology and materiel cooperation for Australia and Japan."

Details on the project were not immediately available.

Saab supplying 84mm ammunition to five countries
Brussels (UPI) Jul 8, 2013 - A five-year framework agreement for supply of ammunition to five countries has been signed by the European Defense Agency and Saab Dynamics AB.

The agreement covers various types of 84mm ammunition for Saab's man-portable Carl-Gustaf recoilless anti-tank weapon.

The European Defense Agency, a European Union organization, is acting as the central purchasing body for the ammunition on behalf of Estonia, Latvia, Lithuania, the Czech Republic and Poland under a 2013 initiative.

It will also be in charge of managing the framework contract to meet the pooled ammunition needs.

"This case presents useful opportunities for pooling of demand due to the communalities of the ammunition," the agency said. "Common procurement was seen as the best option by contributing member states to benefit from economies of scale, cost reductions, and efficiency in spending.

"This solution allows contributing Member States to purchase ammunition according to their national needs while coping with different budget cycles."

The framework agreement with Saab includes options for an additional two years and carries a value of nearly $68 million.