European Union transport ministers have signed a second "open skies" agreement with the United States at a meeting in Luxembourg. The new deal, which follows the first open skies agreement of 2007, is designed to make it easier for US and European airlines to buy each other. Currently there are limits to foreign ownership of US and EU airlines. This agreement will help the European aviation industry emerge from the recent period of challenges. The new agreement also includes plans for closer cooperation on environmental matters, including carbon trading schemes. The provisionally agreed deal could still be blocked by US lawmakers, who would need to approve new legislation to allow foreign owners to increase their stakes in US airlines. EU Transport Commissioner Siim Kallas welcomed the deal, calling it good news for passengers and airlines.