The EU estimates that the accord could provide a major boost to transatlantic air traffic with more than 26 million extra passengers expected over the next five years.
Meanwhile, the deal is estimated to create benefits worth 12 billion euros (19 billion dollars) for consumers and create 80,000 new jobs in the European Union and the United States combined.
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The pact is supposed to meet those high ambitions by replacing the patchwork of 21 bilateral aviation accords that so far existed between Washington and individual nations with a single EU-US accord.
Previously, six EU countries without such bilateral accords could not have direct flights to the United States.
Additionally, the open skies agreement will lift many of the restrictions that currently exist under those bilateral accord