diff --git a/Makefile b/Makefile
index 04aea7ee..5e517cdb 100644
--- a/Makefile
+++ b/Makefile
@@ -16,15 +16,8 @@ DOCKER   ?= docker
 MKDIR    ?= mkdir
 DIST_DIR ?= $(CURDIR)/dist
 
-LIB_NAME := nvidia-container-toolkit
-LIB_VERSION := 1.7.0
-LIB_TAG := rc.2
+include $(CURDIR)/versions.mk
 
-# Specify the nvidia-docker2 and nvidia-container-runtime package versions
-NVIDIA_DOCKER_VERSION := 2.8.0
-NVIDIA_CONTAINER_RUNTIME_VERSION := 3.6.0
-
-GOLANG_VERSION := 1.16.3
 MODULE := github.com/NVIDIA/nvidia-container-toolkit
 
 # By default run all native docker-based targets
diff --git a/build/container/Makefile b/build/container/Makefile
index e685b9a0..bb87d3c8 100644
--- a/build/container/Makefile
+++ b/build/container/Makefile
@@ -17,21 +17,16 @@ MKDIR    ?= mkdir
 DIST_DIR ?= $(CURDIR)/dist
 
 ##### Global variables #####
+include $(CURDIR)/versions.mk
 
-# TODO: These should be defined ONCE and currently duplicate the version in the
-# toolkit makefile.
-LIB_VERSION := 1.7.0
-LIB_TAG := rc.2
-
-VERSION ?= $(LIB_VERSION)$(if $(LIB_TAG),-$(LIB_TAG))
-
-CUDA_VERSION ?= 11.4.2
-GOLANG_VERSION ?= 1.16.4
+GOLANG_VERSION := 1.16.4
 ifeq ($(IMAGE_NAME),)
 REGISTRY ?= nvidia
 IMAGE_NAME := $(REGISTRY)/container-toolkit
 endif
 
+VERSION ?= $(LIB_VERSION)$(if $(LIB_TAG),-$(LIB_TAG))
+
 IMAGE_TAG ?= $(VERSION)-$(DIST)
 IMAGE = $(IMAGE_NAME):$(IMAGE_TAG)
 
diff --git a/scripts/get-component-versions.sh b/scripts/get-component-versions.sh
index b1ef6c52..b14e092e 100755
--- a/scripts/get-component-versions.sh
+++ b/scripts/get-component-versions.sh
@@ -37,18 +37,19 @@ NVIDIA_DOCKER_ROOT=${PROJECT_ROOT}/third_party/nvidia-docker
 libnvidia_container_version_tag=$(grep "#define NVC_VERSION" ${LIBNVIDIA_CONTAINER_ROOT}/src/nvc.h \
     | sed -e 's/#define NVC_VERSION[[:space:]]"\(.*\)"/\1/')
 
+versions_makefile=${NVIDIA_CONTAINER_TOOLKIT_ROOT}/versions.mk
 # Get version for nvidia-container-toolit
-nvidia_container_toolkit_version=$(grep -m 1 "^LIB_VERSION := " ${NVIDIA_CONTAINER_TOOLKIT_ROOT}/Makefile | sed -e 's/LIB_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
-nvidia_container_toolkit_tag=$(grep -m 1 "^LIB_TAG .= " ${NVIDIA_CONTAINER_TOOLKIT_ROOT}/Makefile | sed -e 's/LIB_TAG .=[[:space:]]\(.*\)[[:space:]]*/\1/')
+nvidia_container_toolkit_version=$(grep -m 1 "^LIB_VERSION := " ${versions_makefile} | sed -e 's/LIB_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
+nvidia_container_toolkit_tag=$(grep -m 1 "^LIB_TAG .= " ${versions_makefile} | sed -e 's/LIB_TAG .=[[:space:]]\(.*\)[[:space:]]*/\1/')
 nvidia_container_toolkit_version_tag="${nvidia_container_toolkit_version}${nvidia_container_toolkit_tag:+~${nvidia_container_toolkit_tag}}"
 
 # Get version for nvidia-container-runtime
-nvidia_container_runtime_version=$(grep -m 1 "^NVIDIA_CONTAINER_RUNTIME_VERSION := " ${NVIDIA_CONTAINER_TOOLKIT_ROOT}/Makefile | sed -e 's/NVIDIA_CONTAINER_RUNTIME_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
+nvidia_container_runtime_version=$(grep -m 1 "^NVIDIA_CONTAINER_RUNTIME_VERSION := " ${versions_makefile} | sed -e 's/NVIDIA_CONTAINER_RUNTIME_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
 nvidia_container_runtime_tag=${nvidia_container_toolkit_tag}
 nvidia_container_runtime_version_tag="${nvidia_container_runtime_version}${nvidia_container_runtime_tag:+~${nvidia_container_runtime_tag}}"
 
 # Get version for nvidia-docker
-nvidia_docker_version=$(grep -m 1 "^NVIDIA_DOCKER_VERSION := " ${NVIDIA_CONTAINER_TOOLKIT_ROOT}/Makefile | sed -e 's/NVIDIA_DOCKER_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
+nvidia_docker_version=$(grep -m 1 "^NVIDIA_DOCKER_VERSION := " ${versions_makefile} | sed -e 's/NVIDIA_DOCKER_VERSION :=[[:space:]]\(.*\)[[:space:]]*/\1/')
 nvidia_docker_tag=${nvidia_container_toolkit_tag}
 nvidia_docker_version_tag="${nvidia_docker_version}${nvidia_docker_tag:+~${nvidia_docker_tag}}"
 
diff --git a/versions.mk b/versions.mk
new file mode 100644
index 00000000..44a78f30
--- /dev/null
+++ b/versions.mk
@@ -0,0 +1,24 @@
+# Copyright (c) 2021, NVIDIA CORPORATION.  All rights reserved.
+#
+# Licensed under the Apache License, Version 2.0 (the "License");
+# you may not use this file except in compliance with the License.
+# You may obtain a copy of the License at
+#
+#     http://www.apache.org/licenses/LICENSE-2.0
+#
+# Unless required by applicable law or agreed to in writing, software
+# distributed under the License is distributed on an "AS IS" BASIS,
+# WITHOUT WARRANTIES OR CONDITIONS OF ANY KIND, either express or implied.
+# See the License for the specific language governing permissions and
+# limitations under the License.
+
+LIB_NAME := nvidia-container-toolkit
+LIB_VERSION := 1.7.0
+LIB_TAG := rc.2
+
+# Specify the nvidia-docker2 and nvidia-container-runtime package versions
+NVIDIA_DOCKER_VERSION := 2.8.0
+NVIDIA_CONTAINER_RUNTIME_VERSION := 3.6.0
+
+CUDA_VERSION := 11.4.2
+GOLANG_VERSION := 1.16.3