In a joint effort, Britain's BAE Systems (BAES.L), Japan's Mitsubishi Heavy Industries (7011.T), and Italy's Leonardo (LDOF.MI) have reached an agreement outlining the next

steps in the development of a next-generation combat aircraft, according to a statement by BAE Systems on Tuesday.

This collaborative effort was initiated in December 2022 when the three nations came together to create an advanced front-line fighter, intended to be in active service by the mid-next decade. The newly established Global Combat Air Programme (GCAP) agreement is designed to facilitate discussions that will specify working arrangements and the necessary capabilities for this innovative aircraft, as stated by BAE.

Herman Claesen, the leader of BAE's GCAP division, highlighted that they have maintained a "high tempo of engagement with industrial and government partners in Italy and Japan" since the program's inception.

Further updates regarding the progress of this ambitious project are expected to be shared during the DSEI international arms fair in London this week, BAE Systems announced.

While the cost of the GCAP initiative is estimated to reach tens of billions of dollars, the precise allocation of the budget among the participating nations has yet to be finalized. The United Kingdom's Ministry of Defence had initially committed £2 billion to the project when it was known as "Tempest" before Japan and Italy joined the collaborative effort. Photo by Lynn M Reid, Wikimedia commons.