The European Commission, the executive body of the European Union (EU), has welcomed the draft aviation agreement reached on Friday by negotiators of the EU and the United States.

"I am delighted with the progress that has been made this week by the European and American negotiating teams ... We have an opportunity to unlock major benefits on both sides of the Atlantic, " said Jacques Barrot, commission vice president in charge of transport affairs, on Friday.

He said he would submit the draft agreement to the decision- making EU Council of Transport Ministers at its next meeting on March 22. The decision of the council will be crucial, he said.

"In economic terms, this unprecedented agreement would represent a step change -- it could be worth up to 12 billion euros in economic benefits and up to new 80,000 jobs ... The open aviation area could be a centerpiece for a reinvigorated transatlantic relationship."

The first EU-U.S. "open sky" agreement would encompass 60 percent of the world traffic.

The first-stage agreement, if approved by the EU Council of Transport Ministers, would apply as of Oct. 28, 2007.

EU-U.S. negotiations were launched in 2003.

Source: Xinhua