"Cutting out the duplication of security procedures will mean huge savings for cargo operators in terms of time and money," Siim Kallas, European Commissioner responsible for transport, said in a statement.

The agreement was scheduled to take effect on Friday.

Security can cost as much as 4 percent of a carrier's turnover, and the cost of duplicate transatlantic measures can account for a fifth of that, the Commission said. Shared controls within the European Union saves tens of millions of euros (dollars) a year with no negative impact on security.

More than a million tonnes of air cargo passes between the EU and the U.S. a year, the statement said, and last year that was worth more than 107 billion euros, representing 27 percent of the value of all goods exported by air by the European Union.

(Reporting by Sebastian Moffett; Editing by Louise Ireland)

• A Permanent Economic Emergency