The EU and the US signed the second stage of the Open Skies aviation agreement in Luxembourg on 24 June 2010.
European Commission vice-president Siim Kallas said the agreement would help the European aviation industry emerge from the recent period of challenges.
It will provide EU airlines with greater access to the "Fly America" programme, facilitate reciprocal liberalisation of airline ownership and control, and introduce airport noise restrictions.
The agreement will focus on the social dimension of EU-US aviation relations and strengthen cooperation on environmental matters.
It will raise the level of cooperation on security to better allocate resources at threats to the aviation system and extend the role of the EU–US Joint Committee.
The complete implementation of the first and second stage agreement is expected to give the economy a €12bn ($14bn) boost and create up to 80,000 new jobs.