“Today, we join our nations in a next-generation partnership built on a strong foundation of proven trust,” said Biden, who was joined virtually by British Prime Minister Boris Johnson and Australian Prime Minister Scott Morrison.

“This is about investing in our greatest source of strength, our alliances, and updating them to better meet the threats of today and tomorrow,” he added.

“Through AUKUS, our governments will strengthen the ability of each to support our security and defense interests, building on our longstanding and ongoing bilateral ties. We will promote deeper information and technology sharing. We will foster deeper integration of security and defense-related science, technology, industrial bases, and supply chains. And in particular, we will significantly deepen cooperation on a range of security and defense capabilities,” read a joint statement by leaders.

“The development of Australia’s nuclear-powered submarines would be a joint endeavor between the three nations, with a focus on interoperability, commonality, and mutual benefit,” the statement added.

Under the agreement, Australia will build eight nuclear-powered submarines.