The India-EU Ministerial Science conference, held in New Delhi on Wednesday, concluded with the two parties agreeing to forge a strategic partnership by sharing research funds and Intellectual Property Rights.
A communiqué released after the meeting underlines the potential benefits of coordinating in strategically important research fields of mutual interest, which involve the co-investment of resources.
The communiqué also says that joint infrastructure for advanced research is essential in some key areas such as climatic changes, clean energy, combustion, infectious diseases and drug development.
Science and Technology Minister Kapil Sibal said it was a "historic" day because India's relationship with the European Union had been consolidated with the decision to establish a "strategic partnership" in advanced science.
Sibal, who co-chaired Wednesday's meeting, said both parties had also signed an agreement on a FAIR (Facility for Anti-proton Ion Reactor) project. He said India would earmark 5 million euros annually to match EU resources for joint projects.
Sibal also said India would collaborate with European Union states independently to make joint calls in new scientific areas of strategic importance such as nanotechnology, nanobiology and advanced materials.
The others who co-chaired the meeting with Sibal were German federal minister for education and research Dr Annette Schavan, representing the German presidency of the EU, and European Commissioner for Science and Research Dr Janez Potocnik.