BEIJING, July 5 (Xinhua) -- Chinese tech giant Xiaomi and Finnish counterpart Nokia announced Wednesday that they have signed a business collaboration agreement and a multi-year patent agreement.

The agreements include a cross license to each company's cellular standard essential patents and Xiaomi also acquired patent assets from Nokia as part of the transaction, according to a statement from Xiaomi.

Nokia will offer network infrastructure equipment designed to deliver the high capacity, low power requirements expected by large web providers and data center operators.

The two companies will work together on optical transport solutions for data center interconnection and other fields. They also agreed to explore opportunities for further cooperation, in areas such as the Internet of Things, augmented and virtual reality, and artificial intelligence.

Collaboration with Nokia will enable Xiaomi to tap on its leadership in building large, high performance networks and strength in software and services, helping Xiaomi create more remarkable products and services with best user experience to Mi fans worldwide, according to Lei Jun, chairman and CEO of Xiaomi.