The Russian Federation and the European Union have agreed to extend the Agreement on Cooperation in Science and Technology signed on 16 November 2000 for a further period of 5 years starting from 20 February 2014. The extension was agreed by an exchange of Verbal Notes between the Permanent Mission of the Russian Federation to the EU and Euratom and the General Secretariat of the Council of the EU which took place on 21 January, 12 and 18 February 2014, and entered into force on 14 February 2014.
The Agreement of 16 November 2000 forms a legal basis for interaction of the Parties in the field of scientific and technological cooperation. The Agreement, in particular, identifies possible areas and forms of cooperation, determines joint mechanisms of interaction, rules and procedures of financing joint projects and allocation, in relevant cases, of tax privileges, principles of allocation of intellectual property rights.
The Agreement was signed in Brussels on 16 November 2000 and entered into force on 10 May 2001 after the parties notified each other that internal procedures required had been completed. The Agreement was concluded for an initial period ending on 31 December 2002 and then was repeatedly renewed and extended for additional 5-year periods. The next period of validity of the Agreement was due to expire on 20 February 2014.
Russia – EU cooperation in the field of science and technology has been successfully developing and allows to combine efforts of scientists and researchers to respond to challenges of the modern world. Effectiveness, dynamic and mutually beneficial character of cooperation allowed the parties to proclaim 2014 as the "Russia- EU Year of Science".