Delta Air Lines Inc. and Korean Air Lines Co. agreed to form a joint venture to share costs and revenue on flights across the Pacific in a bid to lure customers with more options amid intense competition.

The two airlines, both founding members of the SkyTeam alliance, signed a memorandum of understanding to coordinate schedules for a combined network serving more than 370 destinations in the Americas and Asia, the carriers said in a statement Wednesday.

“This agreement deepens our longstanding partnership with Korean Air and will provide the global access and seamless service our customers demand,” Delta Chief Executive Officer Ed Bastian said in the statement.

The latest pact expands an existing agreement beyond code-sharing for Korean Air and Delta, which has said it will rely on tie-ups in Asia to improve connectivity to the region’s largest economies. Worldwide, airlines have been forming more partnerships as part of efforts to retain customers and fend off mounting competition.

American Airlines Group Inc. agreed this week to buy a 2.68 percent stake in China Southern Airlines Co. for $200 million in a deal that involves code sharing.

Shares of Korean Air gained 2.1 percent to 32,200 won as of 1:36 p.m. in Seoul.

This article was written by Kyunghee Park from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Photo Credit: Delta and Korean Air signed an agreement to expand code-sharing this week. Pictured is a Korean Air jet at Heathrow International Airport in London. Frans Zwart / Flickr