Ukraine said Tuesday it hopes to sign a common aviation area agreement with the European Union (EU) by the end of the year to "significantly reduce air travel costs", according to Xinhua.

Prime Minister Mykola Azarov told the government press service that the deal would likely halve tariffs for international flights as well as the costs of domestic flights.

The agreement would also introduce European air safety standards, improve customer service and increase the number of flights and routes in Ukraine.

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Analysts estimated that once the deal takes effect, it will not only make it more comfortable and cheaper for Ukrainians to travel to Europe, but also will bring more overseas tourists to the country.