On 2 March 2007 the United States and the European Union reached agreement on a draft “open skies” aviation deal to remove restrictions on transatlantic flights. The draft agreement includes: (i) removal of current restrictions on the number of carriers that are allowed to fly the transatlantic route; (ii) reciprocity of the rule which prevents European companies and individuals from owning more than a 25 per cent stake in US carriers; (iii) antitrust immunity to facilitate the development of airline alliances; and (iv) the right for European carriers to establish subsidiaries in the US to carry domestic traffic. Jacques Barrot, the European Commissioner for Transport, stated that the deal should provide up to EUR 12 billion in economic benefits and should create up to 80,000 jobs. It is expected that the draft agreement will be approved on the EU side at the Transport Council on 22 March 2007.