Uzbekistan acceded to the Cape Town Convention and Protocol on aviation equipment

NITN | @notintownlive | 01 Feb 2018

Uzbekistan acceded to the Cape Town Convention and Protocol on aviation equipment

Tashkent, Feb 1 (NITN): Uzbekistan has acceded to the Cape Town Convention, which is considered to be a leap forward in the field of international aviation law.

The convention implies an international guarantee and is a unique means of protecting creditors and lessors of aircraft, aircraft engines and helicopters.

At present, 73 countries are the states- participants of this Convention: Great Britain, Germany, Italy, China, USA, Turkey, Switzerland, Russia, Kazakhstan, Tajikistan and others.

The signing took place on Dec 28, 2017 by Uzbekistan President Shavkat Mirziyoyev.

Prior to this, the law was adopted by the lower house of the Parliament on Dec 6 and approved by the Senate of the Oliy Majlis on Dec 20.

The convention provides for the formation of an international system for registration of rights to aviation technology - the international registry.

Accordingly, contracts concluded by companies from Uzbekistan on the acquisition of aircraft equipment will be registered in this international register and they are provided with an international guarantee that will facilitate the financing of expensive aviation techniques and reduce the risks of leasing and credit operations.

The international regime established by the convention and the protocol is designed to reduce the risk of creditors and, consequently, the cost of credit, which in turn will increase the possibility of obtaining financing for the acquisition and operation of aircraft (aircrafts and engines) by companies in developing countries.

The law on accession of Uzbekistan to the convention and the protocol contains five statements of Uzbekistan, made in view of the international experience of the states that have joined to the Cape Town documents.

Accession of Uzbekistan to the Convention and application of its norms will simplify the system of financing expensive aviation equipment, including aviation facilities, providing preferential terms and additional discounts.