Two famous universities, Oxford and Princeton, have announced a special relationship, which will allow them to compete in the "globalised" world of higher education.

This is the latest in a wave of transatlantic university partnerships, which will see academics in the United Kingdom and the United States sharing facilities and working together on research.

There will also be a "significant exchange of students" between the universities, including undergraduates.

Cambridge University has already established an arrangement with the Massachusetts Institute of Technology, designed to assist in taking commercial advantage of scientific research.

Cutting edge

And the new relationship between Oxford and Princeton is intended to allow both universities to share resources in the high-cost, cutting-edge of international academic research.

The partnership will bring together academics in the natural sciences, engineering, humanities and social sciences.

And it is intended that this relationship should help the universities to raise funding from corporations on both sides of the Atlantic.

"Research and learning increasingly are global endeavours, involving collaboration among faculty members and students from around the world," said the Princeton president, Dr Harold Shapiro.

The partnership with Oxford would create "synergies" from the strengths and resources of the two institutions, he said.

Astrophysics

"Our two universities are remarkably similar in goals and strengths, with shared traditions and priorities and many existing connections. We are confident that this agreement will help make both institutions even stronger," said Dr Colin Lucas, vice chancellor of Oxford University.

From the beginning of the next academic year, a joint committee will establish priorities for shared research.

There are already 12 proposed collaborations, including projects in astrophysics, nanotechnology and art preservation.