I have a project that Contains a bunch of java packages that I have recently understood are needed in a new project that I'm going to develop. I want these two projects to have the same code base so I don't have to update the common libraries in both. How can I achieve this in Exlipse? 

my current set up is like this

```
Project1
  CommonPackage
  SpecifictProjectCode1

Project2
  SpecifictProjectCode2

```

I want the following, I think:

```
Project1
  CommonPackage
  SpecifictProjectCode1

Project2
  CommonPackage
  SpecifictProjectCode2

CommonCodeProject

```

What is the best way to achieve this I understand I could extract a jar file or and include it in both project but I want to be able to debug the code and I also want to keep the code editable. Is it perhaps better to extract the code to a separate project and how do I go about doing that?

Any help is appreciated.