General Motors and Japan's Isuzu Motors Ltd. agreed to jointly develop a midsize pickup for sale around the worldandnbsp; but not the United States and Canada. GM and Isuzu previously had ties dating back to the 1970s. GM said the formal agreement was signed today.andnbsp; The companies are aiming to cut costs in their next generation mid-size pickup by using more shared parts and jointly purchasing them, they said.andnbsp; The two companies will each manufacture their own trucks. They have not decided on when the vehicles will go on sale, they said. In the past, the two companies have developed trucks together such as the GM Chevrolet Colorado midsize pickup, sold as the i-Series by Isuzu, and the updated Isuzu D-Max in 2011. Automakers, facing high costs of developing new technologies, are keen to share the burden with other companies or in some cases re-badge vehicles made by others. "The collaboration will ... leverage synergies and commonize components to enable further reductions in cost," GM said in its statement.andnbsp; "The next-generation midsize pickup is expected to be sold in several major markets around the world. It will not be sold in the U.S. or Canada." GM is returning to the midsize pickup market in the United States this year with the all-new Chevrolet Colorado and GMC Canyon . GM said details about specifications, engine, timing, and manufacturing location for the Isuzu venture will be announced later. Isuzu said in its statement : "Based on a long history of cooperation and trust, Isuzu and GM will leverage their extensive know-how and technologies to develop the next-generation midsize pickup to match customer needs. ... The project will strengthen the light commercial vehicle business of GM and Isuzu, whose pickup represents the basis for the new model." Isuzu and GM agreed in January 2013 to discuss the possibility of jointly developing pickups. At the time, the two companies said they also would continue talks on the possibility of GM taking a stake in Isuzu, Nikkei reported. andnbsp;GM and Isuzu did not discuss an equity alliance in the latest talks, said Isuzu spokesman Eiji Mitsuhashi. andnbsp; GM took its initial stake in the Japanese truck maker in 1971.andnbsp; The share climbed to 49 percent in 1999 before being whittled down amid financial woes at both companies. In 2006, GM and Isuzu dissolved their equity tie-up. Automotive News and Reuters contributed to this report.