British Airways owner IAG has signed a joint venture agreement with Latam Airlines on flights between Europe and South America.

Latam, the merged group between Lan and Tam, has also announced a similar deal with Oneworld member American Airlines. It means the two agreements will give its passengers access to a network of more than 420 destinations worldwide.

The joint ventures will see codeshare agreements expanded, and allow the airlines to offer “integrated networks, new non-stop routes, additional frequencies on existing routes and combined fares” on transatlantic flights.

IAG says regulatory approval for the joint venture could take between 12 and 18 months.

Passengers will also have more opportunities to redeem frequent flyer miles and lounge access.

Latam CEO Enrique Cueto, said: “This agreement would significantly improve connectivity bringing Europe closer to our region by providing a wider choice of flights and great benefits to our customers.

“This step is key to ensuring we offer the best network to our customers and increase the options to add new destinations to LATAM and its affiliates’ networks.”

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