German business leaders on Wednesday said the outcome of this week's EU-U.S. summit has heralded "a new era in transatlantic cooperation."

The broad economic agreements at the summit on April 30 "have achieved a framework which will bring the transatlantic economic integration a big step forward," said Juergen Thumann, president of the Federation of German Industries (BDI).

At the annual summit in Washington, the European Union and the United States have agreed on an economic pact aimed at boosting trade and lowering costs by harmonizing regulations. They also signed a so-called Open Skies deal which will allow EU carriers to fly anywhere in the U.S. and vice versa.

As part of the framework, the United States and EU will set up the "Transatlantic Economic Council" to push regulatory convergence in nearly 40 areas, including intellectual property, financial services and the automotive industry.

"By the Transatlantic Economic Council receives the political skeleton agreement a firm platform to coordinate transatlantic economic integration," said Thumann, adding that the council would achieve preconditions to turn initiatives from the highest political level into concrete results.

However, he pointed out that as far as regulatory cooperation was concerned, clearly defined targets in individual sectors as well as a transparent and efficient progress evaluation were needed.

Thumann also described the Open Skies deal as "a first step to more market opening and competition," adding that existing market barriers, such as those concerning internal-American flights, should be removed in a second round of negotiations.

Source: Xinhua