Each contracting party may, at any time, communicate in writing to the other party its decision to denounce this agreement. This notification is sent simultaneously to the International Civil Aviation Organization. This agreement expires at midnight (at the receipt of the notification to the other party) just before the first anniversary of the receipt of the notification by the other party, unless the notice is revoked with the agreement of the contracting parties before the expiry of that period. In the absence of an acknowledgement by the other party, the notification is deemed to be fourteen (14) days after receiving the notification by the International Civil Aviation Organization. Noting the possibility of implementing such a regulation to improve openness and transparency, to facilitate compliance with existing or future arms control agreements, and to strengthen conflict prevention and crisis management capabilities in the framework of the Conference on Security and Cooperation in Europe and other relevant international institutions , and since 2002, 40 missions have been conducted through the United Kingdom. There were 24 quota missions carried out by: Russia – 20; Ukraine – three; and Sweden – one. There were 16 training flights from: Benelux (jointly with Estonia); Estonia (in conjunction with the Benelux); Georgia – three (a commune with Sweden); Sweden – three (a commune with Georgia); United States – three; Latvia; Lithuania; Romania; Slovenia; Yugoslavia.  Also since 2002, the United Kingdom has carried out a total of 51 open-air missions – 38 quota missions in the following countries: Ukraine (five); Georgia (seven) and Russia (26); 13 missions were training missions in the following nations: Bulgaria; Yugoslavia; Estonia; Slovenia (three); Sweden (three); United States; Latvia, Lithuania and Benelux. Flights cost approximately $50,000 per mission and approximately $25,000 for training missions with approximately $175,000 per year.  The agreement is a breaking point in the aviation world, as it provides for an unprecedented degree of liberalization with regard to traffic rights and foreign investment in airlines. It was negotiated by the Commission under a mandate obtained by the Council in October 2007 and replaced bilateral air services agreements between EU Member States and Canada.
The agreement has significantly improved the links between the respective markets and the intermediate links and aims to create new investment opportunities by gradually liberalising foreign ownership rules vis-à-vis airlines. It includes the gradual introduction of trafficking rights, mutual investment opportunities and broad cooperation on a number of issues such as security, social affairs, consumer protection, the environment, air traffic management, competition law and state aid.