SYDNEY, Aug.15 (Xinhua) -- The University of New South Wales ( UNSW) signed a major research partnership with China's Shanghai Jiao Tong University (SJTU) on Thursday at the Parliament House of New South Wales.

UNSW President and Vice-Chancellor Professor Fred Hilmer welcomed guests and spoke highly of the strategic partnership between the two universities, calling it a potential breakthrough for technology transfer and research commercialization in China and Australia.

The agreement also sets out a future roadmap for SJTU to adopt the principles of Easy Access IP, where universities offer most of their intellectual property to industry for free, according to the president.

"The research agreement with Shanghai Jiao Tong gives UNSW a front row seat at the center of China's development," said Professor Fred Hilmer.

"It provides another mechanism for both institutions to make a shared contribution to the great knowledge partnership between the cities of Sydney and Shanghai in the Asian Century, "he said.

Ma Dexiu, the chairperson of SJTU Council, said the agreement also offers a platform to establish relations with Australian entrepreneurs, which would provide continued power to China- Australia economic development and trade cooperation.

Barry O'Farrell, the Premier of NSW, also delivered a keynote speech about education and knowledge partnerships between the cities of Sydney and Shanghai.

Chinese Consul General in Sydney Li Huaxin extended his congratulations to the agreement signing.

"I wholeheartedly wish the constant development of China- Australia educational exchanges and cooperation as well as its new valued contribution to the future of bilateral friendly relations, " he said.

The partnership establishes a joint investment fund to provide seed funding for collaborative research across a range of areas including materials engineering, computer science and biotechnology.