European Union transport ministers have endorsed a treaty with the United States to deregulate trans-Atlantic travel in an “open-skies” accord that would allow EU-based airlines to fly to America from any of the union’s nations, not just their home countries, reported Bloomberg News.

The deal will also end rules that allow only British Airways, Virgin Atlantic Airways Ltd., American Airlines and United Airlines to fly between the U.S. and London’s Heathrow airport.

The accord will likely increase competition among airlines and could encourage mergers. According to a study for the European Commission, the agreement will lower airfares, saving consumers as much as 12 billion euros, increase annual EU-U.S. traffic by 26 million passengers to 73 million, and create at least 72,000 jobs over five years.

Britain, which accounts for 40 percent of the trans-Atlantic market, led the opposition that ended a previous attempt at an open-skies accord in 2004. EU and U.S. representatives are expected to sign the new accord at an April 30 summit, and it will go into effect March 30, 2008. It is in part a response to airlines’ efforts to become profitable after accumulating $41 billion in losses since the Sept. 11, 2001, terrorist attacks.