LATAM`s rival, Azul Linhas Aéreas Brasileiras, has openly announced plans to create a joint venture with United Airlines, although the US airline has been more cautious and has a Star Alliance partner in Brazil with Avianca Brasil. United is a small shareholder of Azul with a 5% stake. A notable trend is the conclusion of bilateral open skies agreements in the field of aviation, which provide for unrestricted market access to traffic rights, naming, capacity, spectrum, code-sharing and tariffs of third parties, fourth and fifth freedoms. The first such agreement was concluded in 1992 between the Netherlands and the United States. Since then, more and more Open Ski Agreements (OSA) have been signed. As of September 2016, more than 300 OSA have been completed with more than 150 states, with the United States being the leader with a total of 119 signed OSes. .