American Airlines, a major American airline, and Qantas Airways, the flag carrier of Australia, agreed to form a joint venture. The proposed joint business will significantly improve service, stimulate demand and unlock more than $300m annually in consumer benefits that are not achievable through any other form of cooperation. The joint business will also give American and Qantas the opportunity to launch additional routes between the U.S. and Australia and New Zealand, including new flights to city pairs currently not served by either carrier.