That bilateral is almost irrelevant to GA.
Part 145 repair stations are not required for private GA. Maybe for light jets? I doubt it, for Part 91. An A&P / IA is all you need and there are loads of freelance ones.
A 145 (FAA or EASA) company is needed for working on AOC aircraft, but there are very few of those on the N-reg in Europe.
The bilateral is irrelevant to the current EASA pilot-shafting proposal whereby everybody flying a foreign reg will need to obtain duplicate (Euro) papers, even if the said papers are insufficient to fly the particular aircraft in Europe.