The agreement between the European Union and the United States, focused on air transport, established a single aviation market, eliminating restrictions on airlines flying between any point in the EU and any point in the US. Prior to such accords, bilateral agreements often dictated specific routes, the number of flights, and which carriers could operate them. This liberalization intended to foster competition and increase consumer choice.
The accord’s importance lies in its stimulation of economic growth, trade, and tourism. Removing barriers to air travel typically leads to lower fares, increased passenger numbers, and greater connectivity between continents. Historically, the negotiation and implementation of such agreements represent a significant step towards globalization and the integration of aviation markets.