Following a meeting at the 14th ECA General Assembly in Stockholm, the two bodies renewed their formal partnershiip until May 2022, with increased prize funds for UEFA's top two tournaments among the key points.
Under the new deal, the winners of the Champions League next season will claim €15 million, a rise from €10.5m, while the Europa League winners will receieve €6.5m, up from €5m.
Funds will be shared more fairly, according to the ECA, with sides in the qualifying rounds and clubs in medium or smaller championships also receieving a greater proportion of funds.
Two ECA club representatives will also participate in UEFA's Executive Committee as co-opted members and will have full voting rights.
Karl-Heinz Rummenigge, ECA and Bayern Munich chairman, said in a statement: "With both governing bodies, we secured in open, fair, but not always easy discussions a stable international match calendar and increased club benefits for the release of players that participate in the Euros and World Cup.
"Furthermore, in the future ECA will not only be directly involved in the shaping of European football through its participation in the UEFA Executive Committee, but also benefit from higher funding.
"All clubs will benefit from a higher share of the increased Champions League and Europa League revenues for 2015-2018, in particular the Europa League participants."
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