The Scandinavian mobile giant said that the move was motivated by a desire to reduce fragmentation in next-generation mobile browsers, and to simplify content development for the mobile internet.
Nokia's web browser source code comes under the terms of the open source BSD licence, which the company describes as a "highly permissive" software licence with few requirements.
The source code will be made available to open source developers through the WebKit Open Source Project at Webkit.org.
The S60 mobile browser, which supports Ajax technologies and dynamic HTML and scripting language, is designed to replicate the true web-page rendering of complete desktop browsers on handheld devices.
Next-generation browsers based on the code will, according to Nokia, enable smartphone users to push beyond the limit of existing mobile-friendly pages currently on the web and begin to enjoy full web browsing.
Przemek Czarnecki, executive vice president of terminal technology at T-Mobile International, claimed that the S60 browser offers a similar experience to using a web browser on the desktop.
The offering is therefore "of particular interest" to T-Mobile as the firm is working to improve internet browsing with its Web 'n' walk product.
"The use of open source to achieve greater website compatibility is an important strategy for the mobile industry," said Czarnecki.
"This initiative will attract a critical mass of open source software developers to build a consistent web browser engine as the clearest path to minimise fragmentation in the mobile browser market," said Lee Epting, vice president of Forum Nokia, the company's global software developer support programme.
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