The FIA and organisers of the Formula 3 European championship Formel 3 Vermarktungs have signed a contract extension for 2016.

FIA President Jean Todt and CEO of Formel 3 Vermarktungs Walter Mertes have met in Geneva and agreed to extend the existing partnership for '2016 and beyond'. The organiser started running the championship in 2013.

It is the first contract renewal since the initial deal and is hoped to maintain the 'championship's stability' for all stakeholders over the coming years.

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"The signing of this promotional agreement with Formel 3 Vermarktungs GmbH is another step to move things forward for the FIA Formula 3 European Championship," Todt said. "It is essential that the FIA is able to rely on strong commercial partners in order to guarantee the operation of its series on a long term basis.

"Since 2013, Formel 3 Vermarktungs GmbH has provided a robust commercial platform which helped the renewal of Formula 3 as category. It was an important contribution to the rebuilding of the single-seater ladder that is one of the goals of the FIA."

Mertes has expressed his joy at securing the contract extension and is certain his company will continue to provide the success he has overseen in the first three years of running the revamped Euro F3 series.

"We are delighted with the extension of this agreement," Mertes said. "In partnership with the FIA, we have during the last three years made great progress with setting up and developing this championship which has been a great stepping stone for so many racing stars up until now.

"This agreement allows both parties to continue on this successful path. We are confident that the FIA Formula 3 European Championship still has a huge potential to further grow and progress in 2016 and beyond."

The Euro F3 series heads to the Nurburgring for the penultimate round of the 2015 championship with Felix Rosenqvist heading the drivers' standings by 34.5 points with six races remaining.