The US and the European Union today announced a five year suspension of tariffs in the long-running World Trade Organisation dispute over subsidies in the large commercial aircraft market.

The agreement also saw the announcement of a working group to discuss subsidy limits and overcome any outstanding issues between the two sides.

ADS Chief Executive Kevin Craven said:

“Today’s welcome agreement to suspend tariffs offers the opportunity to bring a permanent end to this long-running dispute at a time when the global aerospace industry faces significant economic challenges.

“A lasting negotiated settlement is the best possible outcome that will serve the interests of manufacturers in the UK, European Union and the United States, and of our customers and their passengers.”