Toyota Motor Corp. and Mazda Motor Corp. have agreed to form a “mutually beneficicial long term partnership” that expands collaboration on products and technologies.

With this, the two Japanese auto giants will form a joint committee to “evaluate how best to utilize each company's respective strengths.” In addition, the joint committee is set to come up with a “broad and meaningful collaboration” across a range of fields including environmental and advanced safety technologies.

In a statement Toyota President Akio Toyoda said that Mazda is geared into making ever-better cars through its SkyActiv Technology and Kodo – Soul of Motion design.

“As evidenced by their SKYACTIV Technologies and KODO – Soul of Motion design, Mazda has proven that it always thinks of what is coming next for vehicles and technology. In this way, Mazda very much practices what Toyota holds dear: making ever-better cars,” Toyoda said.

On the other hand, Mazda President and CEO Masamichi Kogai said that Toyota is a company that acts responsibly on global environmental issues.

“Toyota is a company that has shown steadfast resolve in acting responsibly on global environmental issues and the future of manufacturing as a whole. I also have tremendous respect for Toyota's dedication in its pursuit of ever-better cars through ongoing innovation,” Kogai said.

Earlier this week, reports stated that Toyota and Mazda were discussing to expand their technological partnership as “global automakers face rising cost to comply with stricter emission regulations.” Under the said technological partnership, Mazda would receive fuel-cell and plug-in hybrid technology from Toyota. In return, Toyota would get Mazda's SkyActiv gasoline and diesel engines.