Russia and China are teaming up to create a wide-body jet in order to fuel global demand for the next couple of decades and claim some of the market share. Russia’s United Aircraft and China’s Commercial Aircraft, called Comac, are talking up plans for the joint development. This move follows a signed agreement from May of 2014. The two state-run companies are joining forces to design a jet, which could cost as much as $20 billion in investments, according to Bloomberg News. Currently, the market is dominated by America’s Boeing Co (BA) and Europe’s Airbus Group (EADSY). Some say the move by Russian President Vladimir Putin to side with China is a counterweight to the U.S. and Europe. TheStreet's Kurumi Fukushima reports in New York.