The EU and Switzerland have signed a bilateral research agreement regulating the participation of Switzerland in the EU's Seventh Research Framework Programme (FP7). FP7 provides for research funding of over EUR50 billion, which will be allocated to transnational research projects falling under one of four main themes: co-operation, ideas, people and capacities. Under the agreement, Switzerland will contribute around EUR1.4 billion over the seven-year life of FP7 from 2007 to 2013. The decision will be welcomed by research-active organisations based in Switzerland (including a significant number of pharmaceutical companies), which will now be able to access the funding.