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.
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EASAs own stance is that their much preferred option is to achieve a bi lateral agreement on pilot licencing hence their extension to 2014 to give time to achieve that.
As bi lateral agreement is in place allowing scope for FCL.
My guess is it wont be sorted by 2014 and hence will get another extension to 2016 but it has to happen for other reasons.
Pace