Aircraft manufacturers and airlines are expected to benefit from an agreement reached Monday between the United States and the European Union on common safety standards and cooperation.
Last year the two trading partners reached a landmark agreement on the first stage of liberalizing passenger and cargo air services.
The new agreement will make it easier for aircraft makers and operators to get safety certifications, thereby improving safety and reducing costs, the European Commission said.
The agreement provides for joint participation in the inspection of civil aviation authorities, cooperation in any investigation or enforcement proceeding and on the exchange of safety data, including data on accidents and incidents. The agreement also foresees mutual recognition of aviation safety certificates obtained through shortened product approval procedures and mutual acceptance of products tests.
The European Commission said the deal would result in millions of dollars in savings due to shorter product approval procedures and mutual acceptance of product tests. Airlines will be able to use approved repair and maintenance facilities in each aviation market.
The EU's executive branch said it would pursue a similar arrangement in October with Canada.
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