International Airlines Group (IAG) has signed a joint business agreement between British Airways, Iberia and LATAM Airlines Group on flights between Europe and South America. The joint business would benefit customers by providing better links between Europe and South America, greater choice of flights and enhanced frequent flyer benefits. The airlines plan to seek approval from the appropriate competition authorities in South America and will inform the regulatory authorities in the European Union.

Under the joint business, British Airways, Iberia and LATAM Airlines Group would cooperate commercially on flights between the European Union and South America. They would expand their codeshare arrangements on flights between and within Europe and South America, significantly increasing the number of destinations that the airlines can offer customers. Customers would be able to travel more easily on the airlines' combined route network which would serve more than 100 destinations in South America and 87 destinations in Europe.

By working together to provide enhanced links for connecting passengers the airlines would expand customer choice via integrated networks, new non-stop routes, additional frequencies on existing routes and combined fares. In addition, customers would have more opportunities to earn and redeem frequent flyer miles (Avios, LANPASS and TAM Fidelidade) on flights worldwide as well as continued reciprocal airport lounge access.