Actually totally different to the AA/BA codeshares between US and Europe - they are part of a joint venture that sees revenue sharing and codes placed on each other’s services. This arrangement is more a traditional codeshare - where the carrier sells seats on the other carriers service, and only covers non compete routes (eg AA codes are on BA flights and BA codes on AA flights between JFK and LHR, but in this case no QF codes on CX flights between SYD and HKG nor CX codes on QF flights - that’s what EK joint venture does).

Seems to be very pragmatic way of covering some holes in the QF network and for QF strengthening their India offering and managing the risk of some potential holes in the India network - given the financial state of Jet Airways, QF’s current codeshare partner into India.