Russia has signed an aviation pact with the EU that will bring it closer to joining the WTO.
Under the agreement, Russia will no longer require EU airliners to pay a fee for flying over Siberia to key destinations such as China, Japan, and South Korea.
The fees, which will total over $330 million this year, will be capped at that level until 2010 and then reduced over the following three years before they are eliminated.
The EU is also hoping to gain access to more flights over Russian airspace.
In a related development, the U.S. said in December that it would rescind its offer to drop certain foreign ownership restrictions as part of its offer to try and get a transatlantic ‘open skies’ pact off the ground with the EU. The latest development is a major setback for progress on the pact, which promises to allow airlines based in Europe or the U.S. to fly with little or no restrictions to each other’s territories.
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