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Today, GE Transportation and Chinese rolling stock manufacturer CSR Corp. Ltd. signed a cooperative framework to establish a joint venture to advance high-speed rail and other rail technology in the United States.

GE and CSR are investing $50 million in the joint venture, which will serve as the first U.S. manufacturer that’s ready to supply high-speed passenger trains for “true” high-speed rail systems proposed in Florida and California, according to a press release.

The firms also would advance manufacturing of “medium-speed” passenger trains and transit-rail vehicles for urban areas in the United States, they said.

The agreement “is another critical step to support and advance passenger-rail development in the United States, following the memorandum of understanding GE signed with China’s Ministry of Railways in November 2009,” according to a prepared statement.

GE and CSR are “committed to maximizing U.S. content in high-speed passenger trains to meet Buy America standards,” the firms added. In addition, all final train production would take place in the United States, which would help create and sustain about 3,500 long-term manufacturing jobs.