The agreement would give duty free and quota free access to the EU market in return to liberalisation of their own markets to EU imports.

BBC: EU - Pacific trade agreement

He said budgetary reform would be a priority and promised reform of EU energy markets to increase liberalisation.

BBC: State of the Union address 2010

Experts say full liberalisation between the EU and US could transform the industry, leading to mergers between airlines.

BBC: NEWS | Business | 'Open skies' deal faces delay