INTERNATIONAL: Signature of second stage of EU-US Open Skies agreement for EU foreign investment

Saturday June 26 2010

In Luxembourg on 24 June 2010, Vice-President Kallas, Spanish Minister for Transport Jose Blanco and the US Ambassador to Luxembourg Cynthia Stroum, together with the Member States` transport ministers, signed the second stage of the Open Skies agreement for EU foreign investment.

The second stage agreement builds on the provisions of the first EU and US Open Skies agreement signed in 2007. It generates new commercial opportunities and strengthens the framework of cooperation on issues such as the environment, social protection, competition, and security. It also creates the prospect of additional investment and market access opportunities in the future.Most significantly the second stage agreement provides for reciprocal liberalisation of airline ownership and control. Currently, foreign ownership in US airlines is limited to 25% of voting rights. Upon legislative change in the US, the EU will reciprocally allow majority ownership of EU airlines by US nationals.Click on the above link for more details.