The European Commission has expressed interest in beginning talks with Brazil on a comprehensive aviation agreement to open up the market and improve regulatory standards.
An agreement with Brazil has the potential to generate up to €460m ($593m) in consumer benefits each year.
Traffic growth is estimated to be 335,000 additional passengers in the first year if an agreement is reached with the EU.
The EU's vice-president in charge of transport Siim Kallas said he would recommend that EU transport ministers begin negotiations with Brazil.
Kallas said the agreement would benefit passengers through high levels of safety and security, and promote trade and tourism between the EU and Brazil.
The Brazilian Government also expressed interest in air transport negotiations with the EU to remove barriers for air traffic growth.
European airports have also recommended the commission open aviation negotiations with Brazil in 2010, in order to facilitate the industry's recovery after the financial crisis.
Discussions on an aviation safety agreement between the EU and Brazil have been finalised on a technical level.
Brazil and the EU will jointly organise the EU–Latin America civil aviation summit in Rio de Janeiro on 25 and 26 May 2010, which will bring together aviation leaders from Europe and Latin America.