This paper describes a quality assurance project, which is conducted within the framework of the Nordic Five Tech Alliance (N5T), a strategic alliance of the five leading technical universities in Denmark, Finland, Norway and Sweden. The project is concerned with the development of a common quality enhancement tool. The tool is designed for conducting peer evaluations of educational programs enabling further development of the study programs involved, and thereby it is contributing to closing the quality circle embedded in the CDIO approach. In addition, the project aims to contribute to the consolidation of the N5T alliance by facilitating contacts between faculty members and providing them with an in-depth knowledge of the study programs within their field at another N5T institution. The paper describes the quality enhancement tool in detail, and how it was applied to evaluate master programs. It also discusses its contribution to the development of the programs. Furthermore it shows how international peer evaluation can contribute to closing the quality circle embedded in the CDIO approach, and assesses the value of the approach to contribute to the creation of long-term relationships in educational networks.