The United States and Cuba have agreed to restore regular commercial flights, in a deal that could jumpstart economic relations between the two countries, BBC News reports.

The agreement paves the way for thousands of visitors to the island on a daily basis.

The deal was announced on Thursday, December 17, exactly one year since President Barack Obama and President Raul Castro announced a historic detente.

It is not known when the first Cuba-bound flights will take off.

The pact - the most significant business development since the presidents' announcement one year ago - allows U.S. airlines to negotiate with the Cuban government over commercial flight routes and schedules.

It could mean more than a dozen flights arriving into Cuba from the U.S. a day, officials said.

The understanding is a key development as Cuba and the U.S. continue to negotiate over a number of issues which could ultimately see the U.S. trade embargo lifted.

The news comes as travel between the U.S. and Cuba surged by over 70% this year, according to Reuters.

Thousands of Americans are already visiting the island and hotels and hostels are booked for months.

But those travelling have to do so using difficult-to-book charter flights or via third countries, and are forced to navigate an intricate web of laws in order for their travel to be legal.

The State Department reminded U.S. citizens on Thursday that a ban on touristic travel to Cuba remains in place.