
Uzbekistan acceded to the Cape Town Convention and Protocol on aviation equipment
Tashkent, Feb 1 (IBNS): 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.
Top Headlines
-
News
Russia hits Kyiv with drones, missiles, four dead
June 06, 2025
-
News
IPL title victory stampede: RCB marketing chief Nikhil Sosale arrested
June 05, 2025
-
News
US court blocks Trumps global tariffs; dismisses 'India-Pak ceasefire' arguments
May 29, 2025
-
News
India rejects Team Trump's latest claim on tariffs' role behind ceasefire with Pakistan
May 29, 2025
-
News
We sign contracts, knowing they will never come: Air Force chief slams delay in defence deliveries
May 29, 2025
-
News
We sign contracts, knowing they will never come: Air Force chief slams delay in defence deliveries
May 29, 2025
-
News
Days not far when people of PoK will voluntarily reunite with India: Rajnath Singh
May 29, 2025
-
News
Elon Musk expresses 'disappointment' over Trump's 'big, beautiful bill', says it will 'increase budget deficit'
May 28, 2025
-
News
'We eliminated Hamas' Gaza chief Muhammad Sinwar': Israeli PM Benjamin Netanyahu
May 28, 2025
-
News
Terrorism, Pakistan and a united India: Listen to what Bharat's multiparty emissaries are messaging to the world
May 28, 2025