The United States and Japan are working to finalize a formal arrangement sometime next year to develop a new type of missile capable of intercepting hypersonic weapons, a U.S. Defense Department official said Monday.

Pentagon spokesman Lt. Col. Martin Meiners said however that specific details, including the funding and timing of the development, have not yet been determined.

His remarks came after leaders of the two countries agreed on the joint development Friday when they met ahead of a trilateral summit with their South Korean counterpart at Camp David near Washington.

The agreement between Prime Minister Fumio Kishida and U.S. President Joe Biden was reached at a time when China, North Korea and Russia are all aggressively pursuing hypersonic capabilities.

Hypersonic missiles and glide vehicles fly at speeds of over Mach 5, five times the speed of sound. They are also maneuverable and can change course during flight, making them more difficult to shoot down or track by radar.

According to Japan's Defense Ministry, the two countries will aim to complete development of the missile by the 2030s.

On Monday, the U.S. spokesman said the "co-development will build upon long-standing U.S.-Japan missile defense cooperation and strengthen the alliance deterrence posture."

It will be the second time for Japan and the United States to develop an interceptor missile together, following work on the Standard Missile-3 Block 2A.