OTTAWA - Canada and Australia on Friday released a joint statement on a new agreement to collaborate on research on emerging missile threat defense.

Canada's Defence Ministry said in a news release that the joint research is set to understand emerging missile threats, as well as develop detection, monitoring, targeting and counter-measure technologies.

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Through this collaboration, Canada and Australia will benefit from access to expertise, experience, unique facilities and cost-effective joint research trials, which will fast-track understanding of advanced missile technologies and inform next-generation defense solutions, the release said.

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Canada and Australia are each contributing up to 237 million Canadian dollars ($170 million) over five years toward the total project arrangement, according to the release.