1. The Parties acknowledge the interdependence of science, technology, research and innovation, and international trade and investment in increasing industrial competitiveness and social and economic prosperity.
2. Building upon this shared understanding, the Parties agree to strengthen their cooperation in the areas of science, technology, research and innovation.
3. The Parties shall endeavour to encourage, develop and facilitate cooperative activities on a reciprocal basis in support of, or supplementary to the Agreement for Scientific and Technological Cooperation between the European Community and Canada, done at Halifax on 17 June 1995. The Parties agree to conduct these activities on the basis of the following principles:
(a) the activities are of mutual benefit to the Parties;
(b) the Parties agree on the scope and parameters of the activities; and
(c) the activities should take into account the important role of the private sector and research institutions in the development of science, technology, research and innovation, and the commercialisation of goods and services thereof.
4. The Parties also recognise the importance of enhanced cooperation in science, technology, research and innovation, such as activities initiated, developed or undertaken by a variety of stakeholders, including the Canadian federal government, the Canadian Provinces and Territories, the European Union and its Member States.
5. Each Party shall encourage, in accordance with its law, the participation of the private sector, research institutions and civil society within its territory in activities to enhance cooperation.