The purpose of the report is provision of recommendations on the tactic to be adopted and priorities to be established by EU to promote international cooperation in the science and technology field by the European Research Advisory Board. The main idea of the paper is that the European Union needs more active, purposeful cooperation in science and technology with other regions, both to strengthen its competitive position and figure out the solutions for global problems imperiling its own future as well. The aim is to make EU a strong actor and attractive partner in the international research cooperation. The new EC strategy must be goal-oriented both in terms establishing priorities among partner countries and defining areas of cooperation. The report contains the general overview and recommendations with respect to the world’s economy status, the challenges of the global competition as well as the EU’s international challenges and responses. Specific recommendations are provided with regard to every individual topic touched upon in the report.