The Championship will also see Australia host Pakistan in a multi-year, bilateral qualifying competition to the pinnacle event in women's cricket, the ICC Women's World Cup England 2017.
Reigning world champion Australia will face Pakistan in a three match One-Day series in Brisbane, while three-time winners England will play India for at Scarborough and Lord's.
The concept, proposed by the ICC Women's Committee and approved by the ICC Board in its January meeting, is aimed at creating more extensive and meaningful bilateral playing programme for women's cricket.
The tournament structure will see teams play each other in one home or away series that will include three ODIs over a two and a half year period.
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As such, each side is guaranteed at least 21 ODIs over the tournament period.
"Two points will be awarded for a win, while points will be shared in case of a tie or a no-result. At the conclusion of the seven rounds, the top four sides will gain automatic qualification to the ICC Women's World Cup England 2017, while the bottom four sides will get a final chance of qualification through the ICC Women's World Cup Qualifier in 2017," the ICC said in a statement.