The U.S. FARs are changing on 31/10/2011. The many changes include allowing conversion of foreign commercial and ATPL certificates for ICAO member countries with a BASA agreement with the U.S.
Read here for summary of conversion changes
Complete document here with all FAR changes
I don't know anymore than what I posted above. Here is the actual change to 61.71(c):
§ 61.71 Graduates of an approved training program other than under this part: Special rules.
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(c) A person who holds a foreign pilot license and is applying for an equivalent U.S. pilot certificate on the basis of a Bilateral Aviation Safety Agreement and associated Implementation Procedures for Licensing is considered to have met the applicable aeronautical experience, aeronautical knowledge, and areas of operation requirements of this part.