Britain is set to re-join Horizon, the EU's leading scientific research initiative, after spending three years excluded from the scheme due to disagreements over the Northern Ireland Protocol.
Scientists and institutions in the UK will now be able to apply for grants from the £81 billion (€95 billion) fund, with applications now open.
Associate membership in Horizon was initially agreed in the Brexit trade agreement following the UK's departure from the EU in 2020.
Prime Minister Rishi Sunak said: “With a wealth of expertise and experience to bring to the global stage, we have delivered a deal that enables UK scientists to confidently take part in the world's largest research collaboration programme.
"We have worked with our EU partners to make sure that this is the right deal for the UK, unlocking unparalleled research opportunities, and also the right deal for British taxpayers."
In addition to re-joining Horizon, the UK will also become an associate member of Copernicus, the EU's Earth observation program, which is valued at £8 billion (€9 billion), although it will not return to the nuclear research alliance known as Euratom R&D - although a separate cooperation agreement on nuclear fusion is in place.
Estimating that the UK's annual contribution to Horizon and Copernicus would average around €2.6 billion (£2.2 billion), the EU welcomed the decision stating that it would be “beneficial to both”.