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Uzbekistan Joins Cape Town Convention and the Protocol on Aviation Equipment

www.uzbekistan.org
31 January 2018

The following has been kindly shared by the Uzbek Embassy in Washington DC.  Please contact Jasurbek Rakhmanov if you require further information: 

 

Jasurbek Rakhmanov

Embassy of Uzbekistan
1746 Massachusetts Ave., NW
Washington, DC 20036
Tel.: 202 887 5300 
Fax: 202 293 6804

www.uzbekistan.org

 

"The Cape Town Convention is a significant step forward in the field of international aviation law that protects creditors and lessors of aircraft, aircraft engines, and helicopters. At present, the member states of the Convention are 73 countries including the United Kingdom of Great Britain and Northern Ireland, Germany, Italy, China, USA, Turkey, Switzerland, Russia, Kazakhstan, Tajikistan, and others. Following the signing of the Law "On the accession of the Republic of Uzbekistan to the Convention on International Interests Mobile Equipment" by the President of Uzbekistan on December 28, 2017 (Cape Town, November 16, 2001) Uzbekistan also joined the Protocol to this Convention on aviation equipment. Prior to this, the law was adopted by the Lower Chamber of the parliament on December 6, 2017, and was approved by the Senate of Oliy Majlis on December 20, 2017.

The Convention provides for the generation of the international system for registration of rights to aviation machinery - an international registry. Accordingly, contracts entered into by companies from Uzbekistan on the acquisition of aircraft equipment, firstly, shall be registered in this international register, and secondly, they shall be provided with an international guarantee that will facilitate the financing of expensive aviation machinery and reduce the risks of leasing and credit operations.

In addition, 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 shall increase the possibility of obtaining financing for the acquisition and operation of aircrafts (aircraft and engines) by companies in the developing countries.

It should be noted that the law on Uzbekistan's joining the Convention and the Protocol contains five statements that are pertinent to Uzbekistan, specifically, they were made with regard to the international experience of states that have joined to the Cape Town documents.

Additionally, Uzbekistan's membership and application of the Convention standards shall simplify the system of financing expensive aviation equipment, including aviation facilities, providing preferential terms and additional discounts."