SecTrans Mineta issued the following statement as the US and the European Union reached a tentative agreement to "dramatically expand aviation service and boost competition." Negotiating teams made significant progress over the past week on the pact, which awaits approval by the EU's transport ministers. They will review the agreement next month.

The EU is reportedly staking their approval on a major sticking point... requiring the US to ease some limits on foreign investment in American air carriers, postulating that such developments wouldd facilitate increased investment and wider access to profitable markets.

Mineta noted (Friday) that, "Today's completion of the text of a first-step agreement between the United States and the European Union provides an historic opportunity to increase travel, reduce fares, expand commerce and bring two continents closer together than ever before. The agreement also goes beyond traditional Open-Skies agreements by applying those principles on a regional basis. It provides new opportunities for US and European airlines, healthier competition for a growing travel market and greater connections between cities and towns of all sizes on both sides of the Atlantic.

More broadly, this agreement would bring nearly 750 million people and twenty six countries together to comprise the largest and most lucrative open aviation market ever created. I hope that this agreement will be approved so our airlines, travelers, and economies can begin reaping its benefits."

FMI: www.dot.gov