The Gershwin Award for “Popular Song” is to be awarded by the Library of Congress in Washington to Elton John and his longtime collaborator and lyricist, Bernie Taupin.

The famous lyricist, who was inducted into the Rock And Roll Hall Of Fame last fall, has collaborated with Elton John since 1967 and has written the lyrics to some of his most beloved songs such as “Rocket Man”, “Tiny Dancer” and “Your Song”. Their first US number one hit was ‘Crocodile Rock’ in 1973.

“I’ve been writing songs with Bernie for 56 years and we never thought we’d one day receive this gift. It’s an incredible honor for two Brits to be recognized like this. I am very honored,” Elton John said in a statement. The announcement comes nearly two weeks after the legendary singer became a member of the prestigious EGOT club. In their honor on March 20, a tribute concert will be held in Washington.

“Elton John and Bernie Taupin have written some of the most memorable songs of our lives,” Librarian of Congress Carla Hayden said in a statement. “Their careers stand out for the quality, the broad appeal of their music and their influence on their fellow artists…we are proud to honor Elton and Bernie for their incredible impact on generations of music lovers,” he added.

As for the secret of their collaboration, Bernie had revealed to PEOPLE that “the glue that has kept us together all these years is Music.”